Musinsa's in-house SPA (manufacturing and distribution integration) brand Musinsa Standard will raise prices on some products next month. The move comes as manufacturing costs have risen due to higher prices of naphtha, the main feedstock for synthetic fibers.
Musinsa Standard said in a notice on its official website and mobile application (app) on the 29th that, starting at 9 a.m. on the 4th of next month, it will raise prices on 220 items, about 5.8% of all products.
It is a response to a sharp rise in the price of naphtha, the main raw material for synthetic fibers. The company noted that price hikes were unavoidable, especially for fall-winter (FW) season products that use a lot of synthetic fibers.
Notably, the "tapered hidden-banding cropped slacks" will rise about 25%, from 39,900 won to 49,900 won. The "basic blazer" will increase about 11%, from 89,900 won to 99,900 won. In addition, prices of items such as scarves, coats, and T-shirts are also set to rise.
A Musinsa official said, "We have continued to defend prices by internally absorbing cost increases through streamlining manufacturing processes and upgrading mass production systems, but prolonged macroeconomic volatility, including global raw and subsidiary material prices and international oil prices, has made it inevitable to adjust our manufacturing cost structure."
The official added, "We will continue to manage the balance between quality and price and do our best to provide good-quality products at reasonable prices."