Musinsa Confirms Acquisition of Management Rights for StyleShare and 29CM

by Lim Hyeseon

Published 09 Jul.2021 09:09(KST)

Musinsa Confirms Acquisition of Management Rights for StyleShare and 29CM

[Asia Economy Reporter Lim Hye-seon] Online fashion platform Musinsa has finalized the acquisition of management rights for StyleShare and 29CM.

Musinsa announced on the 9th that it has signed a Stock Purchase Agreement (SPA) to acquire 100% of StyleShare's shares and a comprehensive stock exchange agreement. The acquisition price is 300 billion KRW. StyleShare will become a wholly owned subsidiary of Musinsa, which will hold 100% of its shares, and AplusB, which operates 29CM, will become a wholly owned granddaughter company of Musinsa. Musinsa plans to officially incorporate StyleShare and 29CM after obtaining approval from the Korea Fair Trade Commission for the corporate merger review.

StyleShare is a fashion information community with over 7.8 million members aged 10 to 29. It is a platform where more than 300,000 users produce, consume, and share content daily, facilitating active fashion information exchange. Last year, it launched the live commerce channel "Sswelive," where brands and creators collaborate to communicate with customers in real time and sell products, continuously securing growth momentum.

29CM is a select shop leading consumption trends among the 25 to 35 age group through curated high-sensitivity brands and products. It offers differentiated media commerce featuring a brand lineup that crosses fashion and lifestyle and sophisticated curated content. In particular, it has attracted attention by nurturing emerging brands with clear identities and proposing products in collaboration with various artists, recording more than double growth for three consecutive years.

Musinsa will continue to operate StyleShare and 29CM independently by platform to maintain their core competitiveness after the acquisition. The plan is to focus integrated synergies on supporting the growth of tenant brands and infrastructure for platform advancement.

A Musinsa official explained, "The acquisition of StyleShare and 29CM will be an opportunity to expand customers and categories in the brand fashion market that Musinsa pursues," adding, "We plan to strengthen support for new sales channels and growth of domestic brands, including global expansion."