Wemade Chairman Park Kwan-ho said a contract to sell all of his stake in the company was a decision to help it make a leap in bigger markets. Wemade said it signed a share purchase agreement for Park’s entire holding, worth about 920 billion won, led by global investment platform NeoPulse. Park said nothing changes immediately and he will continue to lead the company through the transition. He pointed to China and North America and Europe as key markets.

Musinsa\'s private label Musinsa Standard has been shown, based on consumer behaviour data, to boost sales of brands sold on its platform. A research team from Dongguk University and Chonnam National University analysed individual consumers\' basket and purchase histories and released the results on June 18. The study found that higher cumulative Musinsa Standard purchases increased the likelihood and spending share of subsequent purchases from seller brands, and that private-label items were often bought together with basic and SPA-style seller brands.