Top luxury shopping mall MustIt rides on frenzy over luxury by young Koreans

2021.11.23 13:51:13 | 2021.11.23 14:43:23

[Photo by MustIt Co.]이미지 확대

[Photo by MustIt Co.]

MustIt Co., South Korea’s leading online shopping platform for all things luxury, is projected to reap 1 trillion won ($840 million) in gross merchandise value this year as young Koreans turn to online for luxury spending.

The company’s GMV recently topped 900 billion won and its order count for this year accumulated to 2.6 million by October, according to industry sources on Monday.

MustIt is the top downloaded luxury retail app at Android app store in Korea. Repeat purchase rate, measuring the percentage of customers who come back after purchase, hovers at 52 percent.

Given its strong growth pace, MustIt is expected to rake in more than 1 trillion won in GMV this year, analyst projected. GMV, gross merchandise value, refers to the total amount of sales a company makes over a specified period of time and serves as a major barometer for online shop’s performance.

[Photo by MustIt Co.]이미지 확대

[Photo by MustIt Co.]

MustIt is in full gear to lead Korea’s online luxury apparel and accessories market, where newcomers such as Trenbe and Balaan are aggressively seeking to catch up amid growing demand for luxury brands among young people in their 20s and 30s.

The company has hired big name star – actor Ju Ji-hoon – for the first time in its 10-year corporate history to cement its leadership. It also moved headquarters to a new building in Apgujeong, a posh neighborhood in Gangnam, southern Seoul, known for brand-name shops.

By Pulse

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]