Korean fashion platform Musinsa (무신사) has announced that it will shut down Soldout (솔드아웃), its limited-edition resale platform that has operated for six years, at the end of this year, and integrate its related functions into its secondhand fashion trading service Musinsa Used (무신사 유즈드). This marks the company accelerating a shift in its circular fashion (리커머스) business focus from "limited-edition marked-up resale" to "ordinary secondhand clothing" ahead of its push for an IPO.

Key points

  • SLDT, the operator of Soldout, recorded operating losses exceeding KRW 87 billion for three consecutive years starting in 2021.
  • Kream (크림), a limited-edition sneaker and fashion resale platform, posted KRW 202.5 billion in revenue last year but an operating loss of about KRW 8.1 billion.
  • Musinsa Used currently charges sellers a 12% sales commission and separately collects a KRW 7,000 merchandising fee, whereas Soldout's commission was previously only around 2%.

Under Musinsa's plan, Soldout will exit as a platform for person-to-person trading of limited-edition goods, with its functions folded into Used, which focuses on general secondhand fashion items. The direct backdrop for this adjustment is slowing growth in the resale market and accumulating losses.

Data shows that SLDT, Soldout's operating company, posted operating losses exceeding KRW 87 billion over the three years starting in 2021; Kream, which also deals in limited-edition sneakers and fashion goods, reached KRW 202.5 billion in revenue last year but still recorded an operating loss of about KRW 8.1 billion. The original analysis suggests that as the economic downturn persists, consumer demand to pay a premium for scarce goods has weakened.

Unlike Soldout, Musinsa Used adopts a fully platform-managed model: after sellers hand over their clothes, everything from doorstep pickup, inspection, and photography to delivery and customer service is handled by Musinsa itself. This asset-heavy approach also creates a difference in revenue structure—Used currently charges a 12% sales commission and separately collects a KRW 7,000 merchandising fee, far higher than the roughly 2% transaction commission in the Soldout era. Although the average order value for secondhand clothing is low, the larger the transaction volume, the more commission revenue the platform can capture.

For fashion companies, the secondhand business has another layer of value: steering users who sell secondhand goods back to their own malls to spend. Peer company Kolon FnC has also expanded the coverage of its "OLO Relay Market," which buys and resells secondhand clothing, to about 160 other brands. However, because inspection and logistics are built and borne by the platform itself, the larger the transaction scale, the greater the pressure on operating costs.

Musinsa is currently accelerating the restructuring of its circular fashion business for its IPO. The key question in the spotlight is whether Used's growth can truly translate into profitability for the company.

Source: ‘솔드아웃’ 6년 만에 종료…무신사, 중고패션 중심으로 재편 · Originally published 2026-10-02