The e-commerce player, which earlier this year acquired stakes in fashion and beauty platforms Styleshare and 29CM, plans on investing a further 14 billion won ($12.2 million) in start-ups this year, The Korea Herald reports, as the country’s fashion e-commerce space continues to heat up.
This would bring the total amount of Musinsa’s investments in 2021, made through its venture capital arm, to 60 billion won ($52.5 million). The VC firm, which was set up in 2018, has already poured around 46 billion won into fashion businesses like minimalist womenswear brand Coor. According to Musinsa, the companies that have benefited from its investments are worth over 1.2 trillion won ($1 billion).
The pandemic set off an online shopping frenzy in what was already one of the world’s most digitally savvy countries. Here’s what brands need to know.