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According to The Korea Economic Daily Global Edition,

South Korea’s top online fashion retailer Musinsa has raised another 130 billion won ($115 million) from Sequoia Capital and IMM Investment, giving the startup a 2.5 trillion won ($2.2 billion) valuation.

The company on Mar. 16 said that this round of funding marks the first in 15 months – since Sequoia Capital invested an undisclosed amount in November 2019.

Industry experts interpret the investment as proof of the fashion startup’s long-term growth potential. Musinsa set a new record by surpassing an annual turnover of 1.2 trillion ($1.1 billion) in 2020, even amid the pandemic.

The online fashion industry leader said that it will use the fresh capital to diversify into new business segments and strengthen its logistics operations.

“We will be creating and growing new brands with a focus on originality, while at the same time assisting domestic brands to expand overseas through our platform. Investments will also be made to expand our current logistics system with better infrastructure,” a Musinsa source said.

The company specified that it will be focusing more on growing Wusinsa, a new online platform for women’s apparel, and will also expand limited edition products.

Musinsa currently operates showrooms in Europe and Japan, showcasing domestic brands to international consumers.

Musinsa is South Korea’s top online fashion platform, established in 2001 as an online community for shoe lovers. Its annual turnover has seen drastic growth, from 199 billion won ($176 million) in 2016 to 450 billion won ($398 million) in 2018 and jumping to 1.2 trillion ($1.1 billion) in 2020.

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Source: The Korea Economic Daily Global Edition (Mar 16, 2021)

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