Core Viewpoint - Anta Group is diversifying its business by investing in the Korean fashion e-commerce brand MUSINSA, marking a strategic shift towards the fashion industry while other companies focus on the sports and outdoor sectors [1][2]. Group 1: Investment and Strategic Moves - Anta acquired approximately 1.7% of MUSINSA for 50 billion KRW (about 264 million RMB) in January 2025 [1]. - A joint venture was established between Anta and MUSINSA, with MUSINSA holding 60% and Anta 40%, focusing on the Chinese market [1][9]. - Anta's recent acquisitions include the German outdoor brand Jack Wolfskin and potential interest in Reebok, indicating a broader strategy to enhance its brand portfolio [1]. Group 2: MUSINSA's Business Model and Growth - MUSINSA, founded in 2001, evolved from an online sneaker community to a leading fashion e-commerce platform, launching its own brands like Musinsa Standard and a beauty brand [3][5]. - The platform has expanded to include various retail channels, such as women's fashion e-commerce 29CM and limited-edition platform soldout [3][5]. - MUSINSA's offline presence includes three large stores and five Musinsa Standard stores in Seoul, with monthly sales surpassing 10 billion KRW as of September 2024 [5]. Group 3: Market Expansion and Globalization - MUSINSA has established a significant presence in Asia, North America, and Oceania, aggregating around 8,000 Korean fashion brands [7]. - The brand has plans to enter the Chinese market, aiming to open over 100 stores by 2030, with a flagship online store set to launch in September 2025 [9][13]. - MUSINSA's international strategy includes collaborations with local brands, enhancing its global reach and influence [7][9]. Group 4: Future Prospects and IPO Plans - MUSINSA aims for a global GMV of 3 trillion KRW (approximately 15.5 billion RMB) by 2030, with significant interest in the Chinese market as a key growth area [13]. - The company is evaluating options for an IPO, potentially on the KOSPI or NASDAQ, with past investments from notable firms like Sequoia Capital [12][13]. - The success of MUSINSA's entry into China is seen as critical, with the potential for a mutually beneficial relationship with Anta [14].