Limited edition sneaker startup Musinsa secures 90 million investment for spin-off
1 de jun. de 2021
South Korean limited edition sneakers and menswear startup Musinsa has secured 89.5 million dollars investment for its spin-off subsidiary SoldOut from Dunamu. Earlier in May, the online menswear online company acquired StyleShare and 29CM online shopping sites for 264 million dollars.
Musinsa recently announced that it is set to create a business subsidiary SLDT to handle SoldOut as it secured an 89.5 million dollars investment from Dunamu. SoldOut was first unveiled in July 2020 as a limited edition sneaker and fashion re-sale and brokerage app and platform.
According to Musinsa, it reached over 250,000 downloads in just two months and grown at 120 percent month over month after its launch in July 2020. Since last November, the app has expanded its offerings to include street fashion items. It’s worth noting that re-sale values for limited shoes editions are much higher than their original value. Since last November, SoldOut has also expanded to street fashion items.
Musinsa plans to use the latest investment to SoldOut in marketing activities, upgrade the service and expand its market share.