MUSINSA Revenue, Valuation, Funding & Investors
MUSINSA is valued at $2.3B as of November 2023, a 4.9x multiple on its last reported $475M revenue.
Last MUSINSA valuation
$2.3B
Series C · Nov 2023
Last MUSINSA funding round
$31M
Series C · Nov 2023
MUSINSA revenue
$475M
Series C · Nov 2023
Key investors in MUSINSA
Sequoia Capital
IMM Investment
KKR
Korea Development Bank
Wellington Management
Shinhan Venture Investment
About MUSINSA
MUSINSA is a Seoul-based e-commerce platform specializing in Korean streetwear and fashion. It curates products from over 3,000 brands with trend reports and styling tools. The site serves domestic and global shoppers via localized interfaces. Founded in 2001, MUSINSA expanded internationally through pop-up stores in Asia and partnerships with designers.
Founded
2001
HQ
SeoulWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$475M (Nov 2023)
Valuation
$2.3B (Nov 2023)
MUSINSA Valuation
MUSINSA is currently valued at $2.3B, based on its Series C in November 2023.
The $31M round included IMM Investment and Korea Development Bank.
MUSINSA's valuation has grown 1.2x from $2B at its undisclosed-stage round in November 2019 to $2.3B in November 2023, across 4 priced rounds.
MUSINSA valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2023 | Series C | $2.3B | 4.9x |
| Jul 2023 | Series C | $2.8B | 3.0x |
| Mar 2021 | Series B | $2.2B | - |
| Nov 2019 | Undisclosed stage | $2B | - |
MUSINSA Revenue
MUSINSA's latest recorded revenue is $475M, as of its Series C in November 2023. At a $2.3B valuation, that implies a 4.9x revenue multiple.
Revenue moved from $910M in July 2023 to $475M in November 2023, while the revenue multiple moved from 3.0x to 4.9x.
MUSINSA revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2023 | $475M | $2.3B | 4.9x | Series C |
| Jul 2023 | $910M | $2.8B | 3.0x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
MUSINSA Funding History
MUSINSA has raised a total of $509M across 5 funding rounds.
MUSINSA's first fundraising round was a $171M undisclosed-stage round in November 2019. The most recent completed round was a $31M Series C in November 2023.
MUSINSA funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2023 | Series C | IMM Investment; Korea Development Bank | $31M | $2.3B | Musinsa, South Korea's leading online fashion platform, was valued at 4 trillion KRW in April 2023 during a pre-IPO funding round targeting 400 billion KRW ($300 million), with KKR considering 200 billion KRW and additional 200 billion KRW from existing shareholders including IMM Investment and Korea Development Bank. The funds were intended for global expansion into markets like the US, Japan, Singapore, and Thailand. This round aligns closely with the specified investors and approximate date of January 2023, though reported in April. A later Series C in July 2023 raised $190 million led by KKR at a $2.76 billion (3.4 trillion KRW) post-money valuation, with total 2023 fundraising reaching 430 billion KRW ($330 million). In 2022, Musinsa reported consolidated revenue of 708.3 billion KRW, up 53.5-54% year-over-year, including contributions from subsidiaries like MUSINSA TRADING (EMPTY select shop) and SLDT (Soldout reseller platform, with 275% GMV growth). Standalone operating profit was 53.9 billion KRW, but consolidated operating profit fell 94.5% to 3.2 billion KRW due to subsidiary losses, with a net loss of 55.8 billion KRW influenced by non-operating expenses including derivative valuation losses and impairments. Musinsa positions itself as a differentiated marketplace scaling rising brands, enabling fashion creator economy, and providing high-quality e-commerce, capitalizing on the shift to online K-fashion amid global K-culture popularity. Previous rounds include a 2021 Series B of 130 billion KRW ($115 million) from Sequoia Capital and IMM Investment at 2.5 trillion KRW valuation. By 2025, Musinsa targeted a 10 trillion KRW IPO valuation, over triple the 2023 figure of 3.5 trillion KRW, sparking debate over high P/E ratios exceeding 100-143 times based on recent net profits. |
| Jul 2023 | Series C | KKR (lead); Wellington Management | $190M | $2.8B | MUSINSA is a leading South Korean online fashion platform, originally founded in 2001 as an online sneaker community, now offering over 8,000 local and foreign designer brands across categories like casual, street, contemporary, formal, sports, and luxury. It operates both online and offline, with a global e-commerce store launched in 2022 serving 13 countries in Asia, America, and Oceania to support Korean brands' international expansion. The company raised US$190 million (KRW 240-260 billion) in its Series C round on July 18-19, 2023, led by KKR from its Asia Next Generation Technology strategy, with participation from Wellington Management; this marked KKR's first such investment in South Korea and brought total 2023 fundraising to ~US$330 million (KRW 430 billion) across three rounds, following Series B (KRW 130 billion, 2021) and Series A (KRW 100 billion, 2019). The Series C investment valued MUSINSA at approximately US$2.76 billion (over 3 trillion KRW), making it Korea's first fashion platform to surpass that threshold, as reported by insideretail.asia and aligned with TechCrunch's $2.7B figure. Funds are earmarked for scaling the platform, enhancing online/offline presence with domestic and foreign brands, and leveraging KKR's global network, operational expertise, and technology experience for growth amid the fast-expanding K-fashion market shifting online and globally via K-culture. MUSINSA's CEO Han Mun-il highlighted the investment as validation of its platform quality and the Korean online fashion market's potential. MUSINSA has demonstrated prior traction through successful prior rounds and initiatives like its VC arm Musinsa Partners (US$47.4M AUM since 2018, backing fashion startups) and a US$4.7M investment in a climate fund for ESG efforts. KKR's involvement draws from its NGT strategy successes in Asia, including Lenskart (India), GrowSari (Philippines), and NetStars (Japan). |
| Jun 2021 | Seed | JL Partners (lead) | $2M | - | - |
| Mar 2021 | Series B | IMM Investment; Sequoia Capital | $115M | $2.2B | MUSINSA is a leading South Korean online fashion platform offering apparel from various brands, including its own lines like Musinsa Standard, with expansions into offline stores, global markets, and categories like beauty and sports. The company has shown strong growth, becoming a unicorn startup. Post-2021 financials indicate robust performance: Statista reports Musinsa sales revenue of approximately 882.97 billion KRW in 2023 and 1.1 trillion KRW in 2024. Company releases detail 2024 consolidated revenue at $910 million (up 25.1% YoY), with EBITDA reaching $143 million, operating profit $75 million, and net profit $51 million. Earlier 2024 press noted nearly $733 million in sales, up 40% YoY. These figures reflect growth driven by platform businesses (Musinsa, 29CM), merchandise sales, and cost efficiencies. Recent profitability stems from 'Selection and Focus' strategy, infrastructure investments, and reduced one-time costs like employee stock compensation. In 2025, MUSINSA continued expanding: H1 consolidated revenue hit KRW 670.5 billion ($500 million, +22.1% YoY), Q2 revenue KRW 377.7 billion ($282 million, +30.7% YoY), with record operating profit KRW 41.3 billion ($31 million). Q3 sales reached 302.4 billion KRW (+11.8% YoY), cumulative 9M sales over 973 billion KRW, targeting 1 trillion KRW annually. Offline growth included new stores like Musinsa Store Gangnam, Yongsan, and Seongsu megastores planned. 29CM, acquired in 2021, hit KRW 1 trillion annual transactions by late 2025 (GMV tripled since acquisition). China entry in 2024 generated KRW 10-11 billion in first 100 days. |
| Nov 2019 | Undisclosed stage | Sequoia Capital (lead); Dattoz Partners; Premier Partners; Shinhan Venture Investment | $171M | $2B | - |
Who has invested in MUSINSA?
9 investors have backed MUSINSA across its funding rounds, including Sequoia Capital, IMM Investment, KKR, Korea Development Bank, Wellington Management and Shinhan Venture Investment.
Lead investors include KKR, JL Partners and Sequoia Capital.
MUSINSA Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Gwangju | 2 | Participant | Mar 2021 | |
 San Francisco, CA | 2 | Lead | Nov 2019 | |
| New York City, NY | 1 | Lead | Jul 2023 | |
| Boston, MA | 1 | Participant | Jul 2023 | |
| Seongnam | 1 | Participant | Nov 2019 | |
| Seoul | 1 | Participant | Nov 2023 | |
| South Korea | 1 | Lead | Jun 2021 | |
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Start Free TrialAcquisitions by MUSINSA
MUSINSA has acquired 1 company to date.
Last acquisition by MUSINSA was on May 18th 2021. MUSINSA acquired StyleShare for $265M.
Latest Acquisitions by MUSINSA
| Description | StyleShare is a Seoul-based real-time platform for fashion and beauty content sharing with users across 120 countries. The mobile and web app features daily updates, lookbooks, and trend feeds recognized by publications like VOGUE and Elle Japan as Korea's leading fashion application. |
| HQ Country | |
| HQ City | Seoul |
| Deal Date | 18 May 2021 |
| Valuation | $265M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all MUSINSA acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by MUSINSA
MUSINSA has invested in 3 companies to date.
Latest investment by MUSINSA was on December 19th 2023. MUSINSA invested in Redrob in their $4M Seed round.
Latest Investments by MUSINSA
| Description | Redrob is a software development firm providing custom engineering and outsourcing services. Specializing in web and mobile applications, it serves clients in Europe and North America with agile teams delivering full-stack solutions in JavaScript, Python, and cloud architectures. | Laundrygo is an on-demand laundry pickup and delivery platform operating in urban areas. Users schedule collections via app or website for washing, dry cleaning, and pressing services returned within 24 to 48 hours depending on location. | Sold Out is a Seoul-based e-commerce retailer specializing in limited-edition sneakers, luxury watches, streetwear shirts, and designer accessories. The platform curates hype drops from brands like Nike, Rolex, Supreme, and Off-White, offering authentication services and worldwide shipping. Operating since 2016, it hosts raffles, live auctions, and resale markets for high-demand items. Sold Out serves fashion enthusiasts in Asia and beyond through its Korean website and mobile app. |
| HQ Country | | | |
| HQ City | Seoul | Seoul | Seoul |
| Deal Date | 19 Dec 2023 | 21 Nov 2022 | 7 Apr 2022 |
| Round | Seed | Series C | Series B |
| Raised | $4M | $36M | $32M |
| Investors | Yanolja; Murex Partners; DS&Partners; Market Kurly | AJU IB Investment Co; Hanwha; Badgers Investment; H&Q Korea; KB Securities; SBVA; Altos Ventures; Pebbles Investment | Dunamu |
| Valuation | undisclosed | $254M | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all MUSINSA investments and their VC round multiples. Start Free Trial | |||
MUSINSA Competitors
MUSINSA competitors include listed companies like Visional and TX Group, and private ones like PolicyBazaar, ManoMano, Aihuishou and Fetch.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Gurgaon | Private | $37M | $21M | $2.4B | 64.9x | |
 France | Private | - | - | $2.2B | - | |
 Japan | Publicly listed | $515M | $157M | $2.2B | 2.6x | |
 Shanghai | Private | $473M | - | $2.5B | - | |
| Madison, WI | Private | $500M | - | $2.5B | - | |
 Switzerland | Publicly listed | $1.1B | $310M | $2B | 2.1x |
MUSINSA Public Comps
MUSINSA is still privately-owned, but its public comps include Stubhub, Visional, Urban Company, TX Group, Ziff Davis, Lime, People, TBO.com, ACV Auctions and Goto Gojek Tokopedia.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.7B | ($1.4B) | 1.4x | 1.3x | (1.7x) | 6.7x | |||
| $515M | $157M | 3.3x | 2.6x | 10.8x | 9.3x | |||
| $162M | ($26M) | 14.4x | 12.3x | (90.6x) | (72.0x) | |||
| $1.1B | $310M | 2.1x | 2.1x | 7.2x | 8.1x | |||
| $1.5B | $335M | 0.9x | 1.0x | 3.8x | 3.3x | |||
| $887M | $87M | 2.2x | - | 22.2x | - | |||
| $2.4B | $122M | 1.3x | 1.6x | 25.4x | 11.3x | |||
| $262M | $41M | 6.7x | 5.2x | 43.2x | 34.3x | |||
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Common questions about MUSINSA
| When was MUSINSA founded? | MUSINSA was founded in 2001. |
| Where is MUSINSA headquartered? | MUSINSA is headquartered in Seoul, South Korea. |
| Is MUSINSA publicly listed? | No, MUSINSA is a private, VC-backed company. |
| What is MUSINSA's valuation? | MUSINSA was last valued at $2.3B in its Series C in November 2023. |
| How much funding has MUSINSA raised? | MUSINSA has raised $509M across 5 funding rounds. |
| What was MUSINSA's last funding round? | MUSINSA's last funding round was a $31M Series C in November 2023. |
| Who are MUSINSA's investors? | MUSINSA's investors include IMM Investment, Sequoia Capital, KKR, Wellington Management, Dattoz Partners, Korea Development Bank, JL Partners, Premier Partners and Shinhan Venture Investment. |
| What is MUSINSA's revenue? | MUSINSA's latest recorded revenue is $475M (November 2023). |
| What is MUSINSA's revenue multiple? | MUSINSA's latest valuation implies a 4.9x revenue multiple ($2.3B valuation on $475M of revenue). |
| Which companies are comparable to MUSINSA? | Companies comparable to MUSINSA include PolicyBazaar, ManoMano, Visional, Aihuishou, Fetch and TX Group. |
| How many companies has MUSINSA acquired? | MUSINSA has acquired 1 company, including StyleShare. |
| What was the largest acquisition by MUSINSA? | The $265M acquisition of StyleShare in May 2021 is the largest acquisition MUSINSA has made to date. |
| How many companies has MUSINSA invested in? | MUSINSA has invested in 3 companies, including Redrob, Laundrygo and Sold Out. |
| What was MUSINSA's last investment? | In December 2023, MUSINSA invested in Redrob's $4M seed round alongside Yanolja, Murex Partners, DS&Partners and 1 other investor. |
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