Musinsa Expands into Vietnam, Following Philippines and Indonesia

Musinsa is expanding its Southeast Asian operations into Vietnam, following its entry into the Philippines and Indonesia.
 
On August 21, Musinsa announced a partnership with ACFC (Au Chau Fashion and Cosmetics), a subsidiary of the Vietnamese retail giant IPPG (Imex Pan Pacific Group), to enter the local market.
 
The two companies will jointly develop Musinsa Standard's local business and plan to open offline stores in major areas, including Ho Chi Minh City.
 
IPPG operates over 1,200 stores in Vietnam, representing more than 100 global brands.
 
ACFC also manages over 280 stores across Vietnam, featuring 28 global fashion brands.
 
Musinsa aims to leverage the infrastructure of local partners familiar with the market, rather than building its own distribution network, to accelerate its initial market entry.
 
The decision to enter Vietnam is backed by confirmed online demand. The transaction volume from Musinsa's global store in Vietnam has seen an average annual increase of about 40% over the past three years, from 2021 to 2023.
 
Musinsa plans to attract online customers to its offline stores and tailor its product offerings and marketing strategies to local preferences.
 
Musinsa's expansion in Southeast Asia has gained momentum recently. On August 12, the company signed an exclusive distribution agreement with ACX Holdings, a subsidiary of the Ayala Group in the Philippines, announcing plans to open its first Musinsa Standard store in Glorietta, Makati, in the second half of this year. The transaction volume from Musinsa's global store in the Philippines has increased by an average of about 50% from 2023 to 2025.
 
Two days later, Musinsa revealed an exclusive contract with Indonesian retail giant Mitra Adiperkasa (MAP), which operates over 4,000 stores in more than 80 cities across Indonesia. The transaction volume from Musinsa's global store in Indonesia surged by 70% in the first half of this year compared to the same period last year.
 
As a result, Musinsa is establishing its offline business foundation in the Philippines, Indonesia, and Vietnam by partnering with local retail giants. Given the differing consumer behaviors and distribution structures in each country, the strategy of utilizing local companies' operational experience and distribution networks is seen as advantageous.
 
In Vietnam, Musinsa will position Musinsa Standard at the forefront of its overseas operations, targeting the local middle class and young consumers with its reasonably priced SPA brand.
 
Luis Nguyen, CEO of ACFC, stated, "Based on our understanding of the local market and our distribution and operational capabilities developed over many years of managing global fashion brands, we will ensure that Musinsa Standard offers new fashion choices that align with the tastes and lifestyles of Vietnamese consumers."
 
Choi Un-sik, Chief Brand Officer of Musinsa, remarked, "By combining ACFC's expertise in successfully managing global fashion brands with Musinsa's K-fashion competitiveness, we aim to provide a differentiated brand experience to Vietnamese customers and further solidify our business foundation in Southeast Asia."