Facing Industry Realities, Shaping the Future of Footwear

[Preface] Equity split approximately 60:40, with operational control led by Musinsa, while ANTA provides channels, supply chain, and local operational infrastructure.

In January 2025, ANTA acquired approximately 1.7% of Musinsa’s shares from multiple financial investors in the secondary market for about 50 billion KRW (roughly 264 million RMB), at a transaction price of around 15,000 KRW per share. Counterparties included IMM, Atinum, and others.

This move is positioned as a "strategic minority investment," not a controlling acquisition.

From a valuation perspective, based on the 50 billion KRW for 1.7%, Musinsa’s implied valuation stands at approximately 2.9–3.0 trillion KRW (about 15.6 billion RMB). (Multiple Korean media outlets reported the deal using similar metrics, providing cross-verification of its "validity.")

The real focus lies in the collaboration model. Multiple sources indicate that Musinsa and ANTA will establish a joint venture in China:

Equity split: ~60:40, with Musinsa retaining operational control.

ANTA’s role: Providing distribution channels, supply chain support, and local operational infrastructure.This structure—"foreign brand and content leadership paired with local infrastructure enablement"—is uncommon in China’s apparel collaborations but better preserves .

K-fashion’s original appeal.

Key milestones have been disclosed:

Musinsa plans to first launch Musinsa Standard physical stores in Shanghai, while simultaneously introducing its multi-brand portfolio on China’s major e-commerce and content platforms. The offline stores are expected to debut within this year. For a platform renowned for its community-driven content and curation logic, offline stores are merely an entry point—the real focus is deepening the "content, product, and fulfillment" (closed-loop).

Why now?

K-fashion’s momentum in China: Korean brands have seen rising visibility and sales during major shopping festivals like "618."Musinsa’s IPO preparations: The company is gearing up for a dual listing in Hong Kong/Korea and needs overseas expansion to demonstrate growth potential and brand influence.

Partnering with ANTA for its China entry not only amplifies traffic conversion but also strengthens Musinsa’s capital market narrative.

For ANTA, this is not about "buying a platform" but leveraging a small stake for large synergies:

ANTA’s strengths in logistics, retail networks, and local manufacturing provide Musinsa with a low-friction expansion path.

In return, Musinsa supplements ANTA’s portfolio with younger, more fashion-forward brands and community assets.

Together, they target Gen Z’s appetite for novelty.

Three make-or-break factors:

Execution pace: Will the JV, flagship store launch, and online rollout proceed as planned?

Product mix and pricing: Product structure and price band (the proportion of Musinsa Standard and Korean brands, pricing gradient, replenishment efficiency)

Local fulfillment metrics: Can delivery speed, after-sales, and return policies meet expectations of China’s top-tier platform users?

If all three align, this "260 million RMB bet" could carve a new growth curve.

If progress falls short, the investment risks becoming just a "nominal boarding pass."