Musinsa acquires 100% of StyleShare / A Plus B (29CM) for KRW 300bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $207m
- Stake
- 100%
- Implied 100%
- $207m
- Revenue
- $28m
- Op. income
- —
- Multiples
- PSR 7.5x
Deal value ÷ stake (structure unconfirmed)
2020 · Multiple reports agree
2020 · Multiple reports agree
On implied equity value
- Target
- StyleShare / A Plus B (29CM) · Fashion vertical e-commerce
- Buyer
- Musinsa · SI
- Seller
- StyleShare shareholders
- Structure
- —
- Announced
- May 17, 2021
- Closed
- Aug 30, 2021
- Stage
- Closed
Target
Fashion community-commerce platform StyleShare and online select shop 29CM, run by its subsidiary A Plus B. Per Ilgan Sports, their combined 2020 revenue was about KRW 40bn with GMV estimated at KRW 250-300bn; StyleShare's operating loss widened from KRW 4.1bn (2019) to KRW 10.7bn (2020).
Deal rationale
Musinsa said it would combine the targets' community- and content-based strengths to help Korean brands expand overseas, with CEO Cho Man-ho calling overseas expansion essential (Byline Network). A Musinsa official said StyleShare and 29CM could create new synergies using Musinsa's brand investment and growth-support infrastructure, with the three services to run independently while broadening target customers and categories (Dailian).
| Revenue | $28m |
| Operating income | — |
| EBITDA | — |
| Net income | — |
2020 · Multiple reports agree (not yet checked against DART)
Press coverage
- 바이라인네트워크 (2021-05-17): “무신사는 스타일쉐어와 29CM의 지분 100%를 3000억원에 인수한다는 계획이다.”
- 데일리안 (2021-08-30): “스타일쉐어의 지분 전량(100%)을 확보하는 주식매매계약(SPA)과 주식의 포괄적 교환계약을 체결했다”
- 일간스포츠 (2021-05-27): “거래액은 약 2500억~3000억원으로 추산한다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.