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| Screenshots from Musinsa Store's mobile app / Courtesy of Musinsa |
By Lee Hyo-sik
Musinsa has been named as one of the world's most innovative companies for 2023 by Fast Company ― the world's leading business media brand based in New York ― Korea's largest online fashion platform said Friday.
The world's most innovative companies list is Fast Company's signature franchise and one of its most highly anticipated editorial efforts of the year. It provides a firsthand look at the inspiring and innovative efforts of companies across all sectors of the economy. This year's list highlights the businesses at the forefront of their respective industries, paving the way for the innovations of tomorrow.
"We are honored to be named in Fast Company's list of the most innovative companies in Asia Pacific," said a representative from Musinsa. "Being selected as the first innovative company among fashion-focused vertical platforms in Korea is a virtuous circle that Musinsa has created with many brands. We will continue discovering and promoting new fashion brands at home and abroad, revitalizing the fashion ecosystem by focusing on nurturing brands with growth potential and strengthening our offline presence."
The company started as an online community for sneaker fanatics in 2001. Today it features clothes from over 7,000 local designer brands and its in-house fashion brand, Musinsa Standard. Over the years, it has developed an extensive fashion ecosystem, including an online fashion community, brand incubator and offline multicultural lounge.
In 2018, Musinsa established "Musinsa Partners," a corporate venture capital endeavor, to financially support emerging designers and brands. The same year, the company opened its first co-working space called "Musinsa Studio" in Dongdaemun, the center of fabric and fashion wholesale shopping in Seoul.
In 2019, it opened the multicultural lounge called "Musinsa Terrace" near Hongik University in Seoul to foster offline interactions with its customers and provide online-based fashion brands with a space for their own pop-up stores.
To help small- and medium-sized brands without local manpower or overseas business experience for expanding their businesses abroad, the firm supported the establishment of local infrastructure and tailored marketing strategies for the Japanese market before opening its global store. Additionally, it has prepared infrastructure such as logistics and customer service for establishing an official online store and operating business.
In 2022, Musinsa launched a global website and app, now available in 13 countries, including Japan, the United States, Canada, Australia, and some Southeast Asian nations. Currently, its global website features 300 local designer brands, including Thug Club, SURGERY, Youth and Mardi Mercredi.
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