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Startups

Luxury goods platform MUST'IT raises over $10 mn from VC firms

The fashion e-commerce platform showcases over 1,300 luxury brands

By May 31, 2021 (Gmt+09:00)

Luxury goods platform MUST'IT raises over  mn from VC firms

South Korea-based luxury goods platform MUST'IT has secured 13 billion won ($11.7 million) in a bridge round from venture capital firms Kakao Investment and K2 Investment Partners, according to the company on May 31.

MUST'IT received a valuation of 230 billion in the latest round from Kakao Investment, which invested 10 billion won. Having invested in the Series A round, K2 Investment carried out a follow-on investment of 3 billion won.

The company has raised a total of 28 billion won to date, including the 15 billion won Series A round in July 2020.

Founded in 2011, MUST'IT is a fashion e-commerce platform specializing in luxury goods, showcasing over 1,300 brands. Since its inception, the company has posted a strong 80% average annual growth rate.

Last year, the company's gross merchandise value (GMV) topped 250 billion won.

"The latest investment is the result of our platform's value and performance," said Cho Yong-min, the founder and chief executive of MUST'IT. 

MUST'IT plans to develop innovative services to create synergy for customers and also contribute to the growth of online luxury goods platforms, according to Cho.

Thanks to their rich pool of millennial and Gen Z customers, online fashion platforms have been on the rise recently, attracting investments and partnerships from leading firms looking to secure next-generation customers.


Write to Jong-woo Kim at jongwoo@hankyung.com

Danbee Lee edited this article.

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