SEOUL, Aug. 21 (Yonhap) -- Musinsa Co., a South Korean fashion and retail platform operator, said Friday it will open a store in Vietnam as part of its global expansion strategy.

Musinsa has signed an agreement with Au Chau Fashion and Cosmetics Co., an affiliate of Vietnamese retailer Imex Pan Pacific Group (IPPG), to expand into the Southeast Asian market next year, the company said in a press release.

The company plans to open Musinsa Standard stores in Ho Chi Minh City and other major cities, while diversifying its product portfolio to meet local demand.

"Vietnam is a key Southeast Asian market for Musinsa's offline business, given the growth of the middle class and growing digital consumption," Choi Woon-sik, chief brand officer of Musinsa, said. "It is also an important market for Musinsa Standard to attract new customers with quality products at reasonable prices."

Musinsa has been expanding partnerships with local companies to establish a presence in global fashion markets.

It recently signed agreements with local partners to open Musinsa Standard stores in the Philippines later this year and in Indonesia next year.

In China, the company already operates three Musinsa Standard stores, while it plans to open its first Musinsa Standard store in Japan next year.

Musinsa Standard stores sell the company's in-house fashion brands, while Musinsa Store outlets are curated K-fashion stores that carry partner brands.

The company currently offers more than 10,000 South Korean fashion brands on its online platform. In South Korea, it operates 41 Musinsa Standard stores and six Musinsa Store locations.

About 4,000 of those South Korean brands also sell their products through Musinsa Global, the company's English-language platform targeting 13 strategic markets outside China.

kyongae.choi@yna.co.kr

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