South Korean Company, Musinsa, Receives $190M in Series C Round to Expand Online Platforms
Kohlberg Kravis Roberts Led Investment Round, Joined by Wellington Management
Funding Round Info:
MUSINSA, an online fashion platform in South Korea, and KKR, a prominent global investment firm, have disclosed the finalization of a definitive agreement. These agreements entail that funds managed by KKR will take the lead in the $190 million Series C fundraising round for MUSINSA (the "Company"). Additionally, Wellington Management, one of the world's largest independent investment management firms, will also participate in this funding initiative. Musinsa is poised to further expand both its online and offline operations. The infusion of funds will facilitate its entry into international markets, enable the recruitment of more personnel, and support strategic acquisitions aimed at diversifying its portfolios. Musinsa, which previously focused solely on menswear, made a significant move in 2021 by acquiring two women's wear online shopping platforms, 29CM and StyleShare, for an impressive sum of $265 million. This strategic move was driven by the desire to broaden its customer base and product offerings, embracing a more comprehensive approach to its fashion marketplace.
About Musinsa:
Established in 2001 as an internet-based sneaker community, MUSINSA has evolved into a prominent online fashion marketplace in South Korea. Presently, it showcases an impressive array of over 8,000 local and international designer brands, along with its own in-house brand, known as "musinsa standard." This platform has become the driving force behind South Korea's creator economy in the fashion industry. Throughout its journey, MUSINSA has grown into a comprehensive ecosystem that includes various elements such as thriving communities, a brand incubator called "MUSINSA PARTNERS," a direct-to-consumer brand operator, and a lounge known as "musinsa terrace." The latter offers a unique opportunity for face-to-face interactions with customers while also providing online-based fashion brands with a physical space for pop-up stores.
About Kohlberg Kravis Roberts:
KKR is a leading global investment firm, providing alternative asset management alongside capital markets and insurance solutions. With a focus on securing appealing investment returns, KKR adheres to a patient and disciplined investment approach, bolstered by a team of world-class professionals. The company is committed to nurturing growth within its portfolio companies and the communities it serves. KKR is associated with investment funds dedicated to private equity, credit, and real assets, and it maintains strategic partnerships managing hedge funds. Furthermore, KKR's insurance subsidiaries, operating under the management of Global Atlantic Financial Group, offer retirement, life, and reinsurance products. References to KKR's investments may encompass the endeavors of its sponsored funds and insurance subsidiaries.
About Wellington Management:
Wellington Management, a leading independent investment management firm, operates as a trusted advisor to over 2,500 clients in more than 60 countries. With a remarkable portfolio exceeding US$1 trillion, the firm caters to pensions, endowments, foundations, insurers, and global wealth managers. Wellington's diverse investment solutions encompass global equity, fixed income, currency, commodity, alternatives, and private markets. In the realm of private investing, Wellington Private Investing has successfully raised nearly US$8 billion in global assets. Their investment focus ranges from early-stage ventures to late-stage growth, spanning various sectors such as consumer, technology, healthcare, financial services, biotechnology, and climate technology, across Asia, Europe, and the Americas. Leveraging the expertise of Wellington's 1,000+ investment professionals worldwide, the Private Investing Team combines extensive experience in the private market with public market acumen, substantial networks, and robust research. This approach benefits both investors and entrepreneurs alike.