Musinsa said on Wednesday it has formed a strategic partnership with Samsung Card and will launch a co-branded card late this month.

On April 15, Musinsa signed a strategic business agreement with Samsung Card at Musinsa Seongsu N1 in Seongsu-dong, Seoul, to launch a Musinsa-only credit card and jointly operate marketing. The signing ceremony was attended by key officials from both companies, including Musinsa Chief Commerce Officer Jae-young Choi (최재영) and Samsung Card Strategic Business Division head Sang-gyu Kim (김상규).

Musinsa said the agreement allowed it to design shopping benefits for Musinsa members and, through that, strengthen loyalty as a fashion and beauty platform. It said it plans to maximise synergy in member benefits by selecting Samsung Card as a partner and combining its fashion and beauty data with Samsung Card's financial infrastructure.

The upcoming Musinsa Samsung Card will offer points accrual and discount benefits at Musinsa Store and 29CM. It will also provide linked benefits across services operated by Musinsa and at offline stores. The card design will be produced to reflect the tastes of people in their 20s and 30s, who make up the majority of Musinsa members.

Samsung Card plans to use the partnership to expand contact with younger customers who are sensitive to trends and to provide differentiated financial services through precise, data-based marketing cooperation.

"Through the partnership with Samsung Card, we have been able to present Musinsa members with new shopping value that goes beyond simple payments," Choi said. "We will continue innovative collaboration that enriches customers' fashion, beauty and lifestyle by leveraging the brand capabilities held by both companies," he said.