MUSINSA is an online fashion platform in South Korea. Credit: Markus Winkler on Unsplash.

South Korean online fashion platform MUSINSA has secured $190m in a Series C financing round led by global investment firm KKR.

Independent investment management firm Wellington Management also participated in the funding.

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MUSINSA, which started as an online sneaker community in 2001, offers more than 8,000 local and foreign designer brands and an in-house brand including casual, street, contemporary, formal, sports and luxury.

The company has more than 13 million members and recorded annual gross merchandise value of more than Won3trn ($2.35bn) as of 2022.

In 2021, the retailer raised Won130bn in a Series B round in 2021 and Won100bn in a Series A round in 2019.

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MUSINSA CEO Munil Han said: “We are delighted to welcome global investors of KKR and Wellington’s calibre, which we see as a recognition of the quality of MUSINSA’s platform, and the potential of the Korean online fashion market.

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“With this latest investment, MUSINSA looks to continue scaling our platform and creating new standards of success in the online and offline markets with domestic and foreign brands.”

This is KKR’s first technology growth investment in Korea as part of its Asia Next Generation Technology strategy.

Through this strategy the company invested in an omni-channel eyewear retailer Lenskart, business-to-business e-commerce platform GrowSari, and others.

KKR Asia Pacific partner and equity growth head Mukul Chawla said: “We see enormous opportunity for MUSINSA to build on its leading position in a fast-growing K-fashion market that continues to shift online and expand globally on the back of K-culture’s explosive reach.”