News Summary

• Musinsa, a Seoul-based fashion marketplace, said Wednesday it has raised a $190 million round of Series C funding led by KKR, with participation from Wellington Management.The new capital put Musinsa’s valuation at approximately $2.76 billion (~3.4 trillion won), according to sources familiar with the situation.
• The startup claims over $2.35 billion(3 trillion won) in annual gross merchandise value (GMV) as of 2022.Back in 2018, Musinsa set up its venture capital arm, Musinsa Partners<, which now has $47.4 million in assets under management, to back small and medium startups in the fashion industry.
• But its operating profits plunged to $2.5 million in 2022 due to excessive investments for international expansions and the loss of its sneaker reselling unit SLDT, per media reports.The company launched international websites that offer Korean fashion brands in English, Japanese, and Chinese last year.
• Its total raised since 2001 now stands at roughly $330 million (430 billion won).With the Series C financing, Musinsa will continue to scale its online and offline business, expand into overseas markets, hire additional staff and make acquisitions in order to diversify its portfolios.
• The company says it is part of its commitment to enhancing ESG capabilities, including climate change response.Musinsa recorded $545 million (708.3 billion won) of sales in 2022, up 54% on year, more than three times its sales in 2019 before the pandemic.
• The post-money valuation increased from its previous $2 billion (2.5 trillion won) in 2021 when the startup picked up a $115 million Series B round from Sequoia Capital and IMM Investment.