Luxury Platform Mustit Secures Strategic Investment Over Sale

Korea's leading luxury platform, Mustit, is laying the groundwork for a new leap forward. By selecting Samjong KPMG as its lead manager and accelerating the process of attracting strategic investment for its Series C round, it has made it clear that it is focusing on building long-term growth partnerships, beyond mere fundraising. In the past, Mustit has successfully attracted funding from prominent investors such as IMM Investment, SoftBank Ventures, Kakao Investment, and CJ ENM, solidifying its brand assets and market position. Built on this strong foundation, the company has maintained robust growth. Regarding some rumors of a sale, the company dismissed them, stating, "It is true that we have received external acquisition proposals based on our stable financial structure and abundant liquid assets, but there are no specific matters currently under discussion." This statement offers a glimpse into the company's confidence in its current financial health and future vision. Notably, in 2023, the company achieved a successful turnaround to profitability, recording 24.98 billion won in revenue and 562 million won in net profit. Although growth momentum has temporarily slowed in the first half of 2024 due to overall consumption deceleration and stagnation in the luxury market, Mustit is focusing on solidifying its internal structure through internal efficiency improvements and thorough risk management, maintaining a stable operational stance. Despite CEO Jo Yong-min currently holding a 73.78% stake, Mustit is demonstrating its commitment to prioritizing the platform's sustainability and enhancing its market competitiveness through this investment, seeking broader strategic cooperation structures. This can be interpreted as a vision to go beyond management focused solely on the largest shareholder, envisioning a future for the platform where everyone thrives together.