by HUANG Shan

Shanghai's Huaihai Road has gained another international fashion name. On Dec. 15, South Korean fashion platform MUSINSA opened the first China store of its in-house brand Musinsa Standard, a two-storey space of more than 1,400 square meters, as the company steps up its China expansion ahead of a planned initial public offering.

The opening marks only the first step. A multi-brand concept store, Musinsa Store, will debut days later on Anfu Road, with a second location already confirmed for Nanjing Road, according to Kim Daehyun, head of MUSINSA China, who spoke with Jiemian News.

Founded as an online streetwear community, MUSINSA Group has grown into one of South Korea's largest fashion platforms, hosting more than 10,000 brands and generating about 24 billion yuan (about US$3.4 billion) in annual transactions. As of 2024, it operated more than 30 Musinsa Standard stores and six Musinsa Store locations in South Korea, reflecting its shift from online to offline retail.

China is now central to the group's growth strategy. Kim Daehyun said the company plans to open more than 100 stores over the next five years, focused mainly on China's largest cities and gradually expanding into smaller regional markets. The goal is to lift China revenue to 1 trillion won (about US$678 million) by 2030, he said. South Korean media have reported that the company plans to apply for a listing on the Korea Exchange in early 2026.

"The IPO is part of our international expansion," Kim said, adding that most of the funds raised would be invested in China.

To speed up market entry, MUSINSA has partnered with China's Anta Sports forming a joint venture registered in April 2025 with 8 billion yuan (about US$1.1 billion) in capital. MUSINSA controls brand and retail operations, while Anta provides support in strategy, finance and logistics. Anta operates more than 10,000 stores nationwide and runs one of China's most extensive apparel supply-chain networks.

Market conditions have shifted in favor of new entrants. As offline retail weakens under pressure from e-commerce and cautious consumer spending, rents in core shopping areas have eased. DU Bin, a Shanghai-based retail property consultant, told Jiemian News that prime locations have become easier to secure, calling it "a favorable entry window for foreign brands."

Existing cross-border demand also informed its China push. Kim said foreign tourists account for about 36% of revenue at the group's South Korean stores, with Chinese consumers, mostly aged 20 to 39, making up the largest share — a data point the company sees as supporting local offline expansion.

Past attempts underline the risks. Korean brand Stylenanda once expanded rapidly in China before retreating, often cited as an example of poor localization in a highly competitive market.

MUSINSA says it is taking a more localized route. Rather than replicating its overseas social-commerce app, the company operates through China's dominant platforms, launching flagship stores on Tmall, Alibaba's main business-to-consumer marketplace, and distributing content via Xiaohongshu and Douyin, two of the country's leading social media apps. Its online presence was established months ahead of the offline rollout.

Fulfillment has also been localized, with most online orders promising delivery within 48 hours from Quanzhou, a major apparel logistics hub and home to Anta's central warehouses.

Inside the new Shanghai store, Musinsa Standard positions itself close to mass-market players such as Uniqlo, offering nearly 1,500 SKUs at relatively accessible prices. Some early visitors, however, questioned whether the in-store presentation fully matches the highly stylized "Korean" image promoted online.

For MUSINSA, the test will be whether its digital-first brand identity can translate into consistent offline execution as it scales. In China's crowded fashion market, success is likely to hinge less on Korean cultural appeal alone than on localization, pricing discipline and execution at scale.