SEOUL, Nov. 13 (Yonhap) -- Musinsa Co., a South Korean fashion and retail platform operator, said Friday it will enter the Thai market through a partnership with a local retailer as it expands its presence in Southeast Asia.
Musinsa has signed an agreement with Thailand's Central Marketing Group (CMG) to open Musinsa Standard stores in the Southeast Asian country, the company said in a press release.
The company did not provide a timeline for the store openings.
"Thailand is a key Southeast Asian market for Musinsa's offline business, given growing demand for K-fashion products among younger consumers," a company official said.
Musinsa has been expanding its overseas presence through partnerships with local companies to tap into global fashion markets.
It has signed agreements with local partners to open Musinsa Standard stores in the Philippines, Indonesia, Vietnam and Malaysia, although no outlets have opened in those countries yet.
In China, the company already operates two Musinsa Store outlets and five Musinsa Standard stores. It plans to open its first Musinsa Standard store in Japan next year.
Musinsa Standard stores sell the company's in-house fashion brands, while Musinsa Store outlets offer curated selections of K-fashion brands from partner companies.
The company currently offers about 20,000 South Korean fashion brands on its online platform. In South Korea, it operates 49 Musinsa Standard stores and eight Musinsa Store outlets.
About 4,000 of the South Korean brands are also available through Musinsa Global, the company's English-language platform targeting 13 strategic markets outside China.
kyongae.choi@yna.co.kr
(END)
Source: Yonhap News ยท Choi Kyong-ae
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