The fashion platform company Musinsa has chosen 'logistics' as a key pillar of its global strategy. This move is aimed at increasing brand loyalty and strengthening influence through distribution leadership and data management, going beyond simple delivery efficiency. Some interpret this as Musinsa presenting a goal to be re-evaluated as a major distribution corporation beyond just a platform ahead of its initial public offering (IPO).
According to the industry on the 29th, Musinsa announced its global strategy at the 'Global Partners Day' event on the 10th, aiming to achieve overseas transaction volumes of 3 trillion won by 2030. This year, it plans to expand its store operations into Japan, China, and the Middle East, and to open offline stores in places like Shanghai, China, and Osaka, Japan. The goal is to directly distribute K-fashion overseas.
In Musinsa's global strategy, logistics is cited as the key to differentiation. For brands of a certain scale or larger, it may be more efficient to collaborate directly with local platforms without going through Musinsa.
Musinsa plans to tackle this structural limitation with fulfillment (integrated logistics). Brands only need to prepare the products, and Musinsa operates a one-stop logistics service called MFS (Musinsa Fulfillment Service), which is responsible for inventory management, customs clearance, local delivery, and returns. It plans to expand this service overseas starting in August and to provide a system for linking domestic and global stores.
Through a 'pre-distribution' strategy that places inventory in local logistics hubs in advance, the aim is to reduce the delivery time in Japan, which previously took more than a week, to 1 to 2 days. In Japan, fulfillment services are already being pilot-tested for some brands, including 'Matengkim'. According to the company, the average daily transaction volume in Japan increased by 75% after the service's introduction for Matengkim. Musinsa aims to create a structure where inventory only needs to be stocked at domestic logistics centers, automatically responding to global orders.
By systematically linking domestic and global stores, inventory distribution according to demand by sales channels will also be automated. From the brand's perspective, the moment they utilize Musinsa's fulfillment, the logistics burden disappears, and barriers to overseas expansion are lowered. At the same time, they can manage inventory based on Musinsa's systems and data, increasing their dependence on the platform.
This provides convenience for brands, but it can also lead to a lock-in effect, making Musinsa perceived as an 'irreplaceable channel'. For Musinsa to expand globally, more brands need to join its fulfillment and platform and continue to maintain that relationship.
Industry experts interpret Musinsa's current logistics-centered strategy as not just a simple delivery innovation, but as an attempt to expand the platform's identity into a distribution corporation. The justification for wanting to grow alongside the K-fashion ecosystem aligns with the calculation of raising the real corporate value of a company ahead of its listing. Logistics has thus become the 'core pillar' of Musinsa's growth.
Building logistics infrastructure carries fixed cost burdens, but Musinsa views this as a strategic investment to leap to a physical-based platform corporation. Currently pursuing an IPO, Musinsa aims to be re-evaluated as a company with distribution infrastructure, going beyond just a commerce platform through logistics. Musinsa's CEO Park Jun-mo stated, 'The preparation for the listing is proceeding as planned, and we will soon select the underwriter.'
An official in the distribution industry noted, 'Musinsa's recent choice is not merely to enhance logistics efficiency but an attempt to change the very identity of the platform,' adding that 'in the long term, it aims to demonstrate the potential for Korean fashion platforms to expand into global distribution.'