Musinsa helps homegrown brands fend off global fashion giants

Musinsa, which is preparing for an initial public offering (IPO) at an estimated valuation of around 10 trillion won ($7.49 billion), is drawing renewed attention in Korea's fashion and retail industries for its remarkable growth story. What began in 2001 as a small online sneaker community founded by a high school student has grown into a major platform that has helped protect Korea's domestic market from global retail giants while supporting an independent local fashion ecosystem. Its name originated from a Korean phrase meaning "a place where countless shoe photos are stored." Now marking its 25th anniversary, it has evolved into a major force in the fashion industry. According to industry sources Wednesday, Korea's fashion retail market is considered unusually resilient compared with those of other countries, where global fashion brands and large retail chains have gained stronger footholds. An analysis by global market research firm Euromonitor International shows that homegrown brands account for 70.1 percent of Korea's fashion retail market, significantly higher than the roughly