预计阅读时长 7 mins 明星同款、安踏撑腰：Musinsa 凭什么逆势押注 中国市场? 12 月，来自韩国的时尚集团 Musinsa 接连在上海开出门店。 两种不同的门店类型中，Musinsa Standard 是 Musinsa 的自有品牌，被不少消费者称为「韩版优衣库」。Musinsa Store 则是买手店，汇集了不同品牌的产 品。 Musinsa 中国区的 CEO 表示，他们计划未来五年在中国开设超过 100 家门店，不仅会在一二线城市运营，还 会把门店开到三线城市。 Musinsa 在国内的知名度并不高，但是在韩国，他们是年轻人最喜欢的时尚品牌之一。官网的信息显示， Musinsa 起源于 2001 年，最初只是一个线上的球鞋爱好者社区，随后逐渐发展成为一个集购物、内容、社区 于一体的平台。目前，这个平台上的品牌超过了 8000 家，涵盖基础、休闲、正装等不同的风格。去年， Musinsa 全年的交易总额超过了 60 亿人民币。韩国本地的媒体报道显示，Musinsa 能够精准把握消费者关注的 内容类型，并且在 YouTube 上发布年轻群体喜爱的内容。在 Musinsa 500 多名员工中，有 ...

5 年 1 0 0 家 店 的 野 心 。 作 者 | 彭 倩 优衣库在中国谨慎扩张之际，有着"韩国优衣库"之称的 MUSINSA 找到了发展空隙。 近日，寸土寸金的上海淮海中路，迎来了 MUSINSA 集团旗下自有快时尚品牌 「Musinsa Standard」的中国首店开业，这也是品牌的海外首店。与 Zara、Gap、Spao 等快时尚品牌类似、 MUSINSA 首店也选在了人流量最大的核心商圈地铁口旁，共两层，占地面积超过1400平方米。 MUSINSA 成立于2001年，最初发迹于线上，定位为时尚电商平台。后来，MUSINSA 通过整合韩国 设计师资源和相关供应链，逐渐形成自有品牌矩阵，包括主打高性价比基础款服饰的自有品牌 「Musinsa Standard」、自有美妆品牌「Musinsa Beauty」和自有家居品牌。 MUSINSA 近年来在韩国积极开设线下店，试图摆脱电商标签，变得更像一个独立品牌。自2021年在 首尔弘大开设首店至今，平价自有品牌 Musinsa Standard的门店数已增至33家，入驻品牌超过1万 个的集合店业态 Musinsa Store，线下门店数也达到6家，此外，品牌 ...

Core Insights - MUSINSA has launched its first international multi-brand store, Musinsa Store, in Shanghai, marking the full implementation of its "dual-track strategy" in the Chinese market [1] - The dual-track strategy consists of two distinct operational models: the self-owned brand Musinsa Standard focusing on modern casual wear and the multi-brand store Musinsa Store serving as a platform for designer brand curation and incubation [1] Group 1: Store Launch Details - The Musinsa Standard store on Huaihai Road spans approximately 1,421 square meters and features nearly 1,500 items of men's and women's clothing and accessories, employing a "Total Look" display model [2] - The store has tailored its product offerings to meet Chinese market demands, including exclusive products and promotional activities during the opening [2] Group 2: Multi-Brand Store Features - The Musinsa Store on Anfu Road features around 60 selected brands, including 15 local Chinese fashion brands and international brands like ASICS and HOKA [3] - The store is designed for operational efficiency, with a first floor dedicated to seasonal themes and a second floor showcasing over 30 fashion brands [3] Group 3: Strategic Goals and Future Plans - MUSINSA aims to expand its business to more cities in China over the next five years, planning to open over 100 stores and achieve a revenue target of 1 trillion Korean won (approximately 4.78 billion RMB) by 2030 [4] - The company is implementing localized operations by forming joint ventures with local partners, employing over 90% local staff, and launching a Tmall flagship store to create an integrated online and offline channel [4]

上海淮海百盛首店面积约1421平方米，横跨两层，是MUSINSA全球第五大门店，也标志着其以中国为 起点启动全球化布局。 "上海是亚洲乃至全球的时尚风向标。落户于此，是我们迈向全球消费者的关键一步。"金大铉指出，这 一决策有扎实数据支撑：截至去年2月，Musinsa Standard线下顾客覆盖全球136个国家和地区；韩国本 土Musinsa Store的外国消费者占比达36%，其中中国顾客无论在人数还是消费金额上均居首位。此外， 其天猫旗舰店在今年双十一表现亮眼，"明星同款"活动上线1分钟即售罄，1小时销售额突破250万 元，"这对一个新进品牌是极大的鼓舞。" 近日，韩国最大时尚零售平台MUSINSA的全球首家海外旗舰店正式登陆上海。 "以中国首店为起点，我们计划到2030年在华开设超过100家门店。"MUSINSA中国首席执行官金大铉在 接受21世纪经济报道采访时透露，公司将采用"双轨并进"策略，通过直营模式推动自营品牌Musinsa Standard与品牌集合店Musinsa Store在华发展，目标在2030年实现线上线下总销售额超1万亿韩元（约合 人民币47.8亿元）。 值得关注的是，MUSINSA ...

智通财经记者 | 黄姗 智通财经编辑 | 楼婍沁 上海淮海中路又来了一个时尚玩家。12月15日，韩国时尚品牌Musinsa Standard在上海淮海路开设中国 首店，该店共两层，占地面积超过1400平方米。 隶属于同一集团的时尚品牌集合店Musinsa Store也将于12月19日在上海安福路开业。MUSINSA中国首 席执行官金大铉在开业当天告诉智通财经，中国第二家Musinsa Store已确定选址于南京东路。 MUSINSA集团是韩国知名时尚零售商，从线上逐渐拓展至线下。截至2024年，该集团旗下自有品 牌"Musinsa Standard"和时装品牌集合店"Musinsa Store"分别在韩国本土开设超过30间和六间线下门店。 Musinsa Store入驻品牌超过1万个，平台年交易额约240亿元人⺠币。 MUSINSA集团在经过多轮融资后，目前正在首次公开募股的准备阶段。韩国媒体报道称，MUSINSA 集团计划在2026年上半年向韩国证券交易所主板递交IPO申请。 "IPO是我们国际扩张的一种表现。"金大铉在采访中表示，中国是MUSINSA全球化叙事中的核 心，"（募集到的）大部分资金会投入中国 ...

8月，Musinsa 与安踏集团结成战略合作伙伴，共同投资成立合资公司"MUSINSA中国"，其中安踏集团持股40%，MUSINSA持股60%，MUSINSA中国将 主导自有品牌"MUSINSA STANDARD"和多品牌集合店"Musinsa Store"等业务在中国市场的发展。 该公司创始人赵万浩2001年将街头服饰论坛发展为综合电商，现运营"Musinsa"与女性平台"29cm"，月活跃用户分别达700万与300万。 报道显示，美国投资公司KKR于2021年入股Musinsa，此次IPO已选定花旗集团与摩根大通担任联席主承销商。 2025年年初，中国安踏集团出资500亿韩元（约合2.6亿元人民币）收购了 Musinsa 约1.7%的股权。 【中国服装圈.第3341期】来源：百度新闻 12月2日消息，韩国最大在线时尚零售商Musinsa宣布启动首次公开募股计划，预计2026年登陆公开市场，目标估值含债务约10万亿韩元（约合481亿人民 币）。 12月14日，MUSINSA STANDARD 的中国首店将于上海淮海百盛开业。作为 MUSINSA孵化的休闲服饰品牌，MUSINSA STANDARD 创立于20 ...

Core Viewpoint - Anta has partnered with South Korean fashion group MUSINSA to establish a joint venture named "MUSINSA China," with Anta holding a 40% stake and MUSINSA 60%, aiming to penetrate the Chinese market with its own brand "MUSINSA STANDARD" and multi-brand stores [1][2][5] Group 1: Joint Venture Details - The joint venture "MUSINSA China" will focus on developing MUSINSA's own brand and multi-brand stores in China, pending regulatory approval expected by September 2025 [2] - Anta's chairman emphasized that this investment aligns with the trend of young consumers and aims to explore the integration of the fashion and sports industries [2][5] Group 2: MUSINSA Overview - MUSINSA is South Korea's largest fashion e-commerce platform, valued at over $1 billion in 2023, and has expanded its business model to include both platform and private label brands [2][3] - The platform features around 8,000 to 10,000 brands and has 16 million members, with a focus on young consumers aged 10 to 30 [3][4] Group 3: Market Strategy - MUSINSA plans to open 100 stores in China by 2030, targeting sales of 5.2 billion RMB, capitalizing on the rapidly growing fashion market [5] - The collaboration allows Anta to tap into the burgeoning streetwear market and engage with Gen-Z consumers who may not resonate with traditional sports brands [5] Group 4: Business Model and Expansion - MUSINSA operates on a "platform + private label" model, with its own brand "Musinsa Standard" known for minimalist design and affordability [3][4] - The company has accelerated its overseas expansion since 2021, entering multiple markets including Japan and Hong Kong [3] Group 5: Consumer Engagement - MUSINSA effectively utilizes community-driven content and social media to enhance user engagement, with features like Lookbook and Musinsa TV [9] - The brand's strategy includes a focus on sustainability and second-hand sales, appealing to the environmentally conscious consumer [9]

Core Viewpoint - Anta Group is actively pursuing new investment opportunities, including a potential acquisition of Reebok or Puma, while also establishing a joint venture with the Korean fashion group MUSINSA to enhance its market presence and appeal to younger consumers [2][3][4]. Financial Performance - In the first half of the year, Anta Group achieved a revenue of 38.544 billion yuan, representing a year-on-year growth of 14.3% [2][5]. - The net profit for the same period was 7.031 billion yuan, which reflects a decrease of 8.9%, but excluding the impact of a non-cash accounting gain from Amer Sports, the net profit actually increased by 14.5% [5][6]. - Revenue from the Anta brand reached 16.95 billion yuan, growing by 5.4%, while the FILA brand generated 14.18 billion yuan, up by 8.6% [5][6]. Strategic Investments - Anta Group has formed a joint venture named MUSINSA China, where it holds a 40% stake, to develop its own brand "MUSINSA STANDARD" and multi-brand stores in China [3][4]. - The joint venture is expected to be completed by September 2025, pending regulatory approval [3][4]. Acquisition Activity - The company has accelerated its acquisition strategy, having recently completed the acquisition of the German outdoor brand Jack Wolfskin [4][5]. - Anta Group has a history of acquisitions, including brands like FILA and Amer Sports, and aims to continue this trend to expand its market reach [4][5]. Inventory Management - The average inventory turnover days increased by 22 days to 136 days in the first half of 2025, which is significantly higher than competitors like Li Ning and 361 Degrees [7][8]. - The increase in inventory is attributed to a rise in stock levels and the impact of recent acquisitions [8]. Market Challenges - Anta Group's main brands, Anta and FILA, are experiencing a slowdown in growth, with FILA's revenue growth fluctuating significantly compared to previous years [6][9]. - The company faces challenges in global operations, including market control, organizational efficiency, and supply chain optimization, which are critical for its continued expansion [9].

Core Viewpoint - Anta Group has expanded its global brand portfolio by forming a strategic partnership with South Korean fashion group MUSINSA, aiming to enhance its presence in the young fashion segment and solidify its position in the global sports fashion market [1][6]. Group 1: Partnership Details - Anta Group acquired approximately 1.7% of MUSINSA for about 264 million RMB in early 2025 and plans to establish a joint venture named "MUSINSA China," with Anta holding 40% and MUSINSA 60% [2]. - The joint venture will focus on developing MUSINSA's proprietary brand "MUSINSA STANDARD" and multi-brand stores in the Chinese market [2]. - Anta's CEO emphasized that this collaboration aims to explore the integration of sports and fashion to meet the diverse needs of young consumers [2]. Group 2: MUSINSA Overview - MUSINSA, founded in 2001, is the largest fashion platform in South Korea, initially starting as an online sneaker community and evolving into an e-commerce platform in 2009 [3]. - As of 2024, MUSINSA's annual transaction volume exceeds 4 trillion KRW, and it completed a Series C funding round in July 2023, achieving a post-money valuation of 35 trillion KRW (approximately 2.76 billion USD) [3]. - MUSINSA STANDARD, launched in 2017, is well-received among young consumers for its minimalist design and reasonable pricing [3]. Group 3: Retail Expansion - MUSINSA STANDARD has expanded its offline retail presence since 2021, operating 29 stores in South Korea, with over 10 million customers visiting these stores by 2024 [4]. - Musinsa Store targets the 10-30 age demographic and boasts over 16 million members, featuring more than 10,000 brands across various styles [4]. Group 4: Future Plans - MUSINSA plans to open over 100 stores in China by 2030, with the first store set to launch in Shanghai in the fourth quarter of this year [7]. - The collaboration with Anta is expected to leverage Anta's resources to tap into the Chinese fashion market, generating significant consumer interest [7].

Group 1 - Anta Sports and South Korean fashion group MUSINSA announced a joint venture named "MUSINSA China," with Anta holding 40% and MUSINSA holding 60% [1] - The joint venture will focus on developing the "MUSINSA STANDARD" brand and multi-brand stores in the Chinese market, pending regulatory approval expected by September 2025 [1] - Anta's chairman emphasized that this investment aligns with trends in young consumer behavior and aims to explore the integration of the fashion and sports industries [1] Group 2 - MUSINSA is reportedly considering an IPO, seeking a valuation of approximately 10 trillion KRW (around 7.2 billion USD), with potential listings in Korea or the U.S. by 2026 [2] - Anta has prior experience operating Japanese and Korean brands in China, having established joint ventures with brands like Descente and KOLON, generating revenues of 4 to 6 billion CNY [2] Group 3 - In the first half of the year, Anta fully acquired outdoor brand Jack Wolfskin for a cash consideration of 290 million USD (approximately 2.1 billion CNY) [4] - Anta's latest half-year report showed a revenue increase of 14.3% to 38.544 billion CNY and a net profit increase of 14.5% to 7.031 billion CNY [4] - The revenue growth by brand included a 5.4% increase for Anta brand to 16.95 billion CNY, an 8.6% increase for FILA to 14.18 billion CNY, and a 61.1% increase for all other brands to 7.41 billion CNY [4]