According to industry sources, Musinsa crossed the 1 trillion KRW (approximately $750 million) threshold last year. Analysts say Jo’s March 2024 return was a decisive catalyst for that growth. Through the end of 2023, before he resumed day-to-day management, the retail sector was grappling with sustained high inflation and a surge of c-commerce competition from AliExpress and Temu.
Since coming back, Jo has driven balanced growth across three pillars: strengthening platform competitiveness, expanding offline stores, and accelerating global expansion.
Immediately after his return, global heavyweights like Nike and Patagonia joined the Musinsa Store, cementing the platform’s standing as a leading name in Korea’s fashion scene. 29CM — Musinsa’s women’s fashion and lifestyle platform — saw transaction volume surge 50% year‑over‑year last year, surpassing 1 trillion KRW (approximately $750 million) and becoming the fastest-growing player in its category.
After opening its first shop-in-shop at Lotte Time Villas Suwon in April 2024, Musinsa Standard was in all five major domestic department stores — including Hyundai Department Store, Shinsegae Starfield, AK Plaza and Galleria — within five months, earning a reputation as a go-to brand for large retailers. Store visits in 2024 more than tripled year‑over‑year, topping 10 million. International interest in K‑fashion also climbed: tax-free sales jumped sixfold from the prior year to 20 billion KRW (approximately $15 million).
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Musinsa excels in beauty, too
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In December, Musinsa also struck a major partnership agreement with ZOZO, operator of Japan’s largest fashion platform ZOZOTOWN. The two companies will collaborate on marketing and sales for Korean fashion brands on ZOZOTOWN. Musinsa Global Store, the platform that exports domestic brands to 13 regions worldwide, turned profitable from the third quarter last year, contributing to the company’s improved earnings.
Musinsa’s beauty arm, launched in 2021, kicked into high gear last year. In the second half of 2024 the company tapped aespa’s Karina as a Musinsa Beauty model and staged a large “Beauty Festa” pop-up across the Seongsu neighborhood to boost visibility. Beauty transaction volume more than doubled year‑over‑year.
Musinsa’s in-house beauty brands are also finding favorable responses abroad. After launching Odd Type in 2023, the company added Rest and Recreation Beauty (October 2024) and Wichi (February 2025), bringing its roster to three owned beauty labels.
