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Grand Prize (Chairman’s Award, National Assembly Committee on Trade, Industry, Energy and SMEs)

Musinsa made headlines in 2024 as the first South Korean fashion platform to surpass 1 trillion KRW (approximately 750 million USD) in annual sales. Forecasts suggest it will repeat that milestone through 2025, signaling both rapid top-line growth and stronger business fundamentals. Reaching this amid high inflation and sluggish consumer spending highlights the brand’s devoted following and deep consumer trust. Many industry observers see it as a milestone that has elevated the scale of Korea’s fashion retail sector.

With its private label Musinsa Standard, the company lowered barriers to quality fashion by offering well-made basics at accessible prices. Rather than competing only on price, Musinsa emphasized production and distribution efficiencies to encourage value-driven buying. That approach helped broaden the casual fashion market in Korea. Last year, Musinsa Standard’s transaction value grew 40% year-over-year, maintaining clear visibility even in the industry’s slow season and securing a top-three spot in the domestic SPA market.

Musinsa has also translated its online momentum into a powerful offline presence. It now functions as an anchor tenant favored by major department stores and shopping malls, drawing younger shoppers into traditional retail environments. Its omnichannel strategy has become a model for blurring the line between online and in-store experiences.

Brick-and-mortar stores in Seoul’s key neighborhoods—Seongsu, Hongdae, and Hannam—have become must-visit stops for foreign tourists, helping showcase K-fashion and K-beauty to international audiences. With plans to open its first offline store in Shanghai at the end of 2025, Musinsa is gearing up for broader global expansion and raising the profile of Korean retail brands worldwide.