Musinsa said on the 21st that it will enter the local market by joining hands with a subsidiary of Vietnam's large distribution corporations Imex Pan Pacific Group (IPPG). Expanding its business area to Vietnam following the Philippines and Indonesia, the company is speeding up its push into the Southeast Asian market.
Musinsa signed an exclusive distribution agreement with ACFC (Au Chau Fashion and Cosmetics Co., Ltd.) under IPPG. Through the agreement, the two companies plan to develop Musinsa Standard's business in Vietnam.
Musinsa plans to open Musinsa Standard offline stores in major regions of Vietnam, including Ho Chi Minh City. The plan is to link local customer demand secured through the online global store to offline.
IPPG is operating more than 100 global brands in Vietnam and runs more than 1,200 stores locally. ACFC, which signed a contract with Musinsa, is an IPPG affiliate that holds 28 global fashion brands and operates more than 280 stores across Vietnam.
Demand for K-fashion in Vietnam is increasing. According to Musinsa, the Vietnamese region transaction amount of the global store increased by about 40% annually on average over the three years from 2023 to last year.
Choi Un-sik, Musinsa's chief brand officer, said, "Vietnam is a market with high growth potential in the fashion industry due to an expanding middle class and the spread of digital consumption," and added, "We will further solidify our Southeast Asia business foundation by combining ACFC's expertise with Musinsa's K-fashion competitiveness."