Must It

About Must It

Must It is a South Korean online marketplace specializing in luxury goods, positioning itself as a key player in the country's burgeoning e-commerce sector for high-end fashion. The company was founded in February 2011 by Cho Yong-min, who, after graduating from Daejin University and gaining experience through a couple of prior e-commerce ventures, started the company with a modest 500,000 KRW. He initially handled multiple roles himself, from planning and development with freelancers to sales and customer service, demonstrating a hands-on approach born from necessity and determination.

The platform operates on an open-market business model, connecting consumers with a wide array of sellers, including international boutiques. This model allows for a vast product selection, boasting over 3.7 million items from 1,800 brands as of May 2022. Revenue is primarily generated through seller 입점 수수료 (entry fees) and advertising, rather than direct sales commissions, which fosters a competitive environment for sellers. Must It primarily serves the domestic South Korean market, with a significant and growing demographic of customers in their teens and twenties, who accounted for 66% of transactions in 2019.

The company's platform provides a comprehensive luxury shopping experience, featuring clothing, accessories, jewelry, and has expanded to include cosmetics and electronics. To enhance user trust and convenience, Must It has implemented services such as a 200% liability compensation for non-genuine products, after-sales service, and an offline showroom in Apgujeong, Seoul, where customers can inspect products before purchasing. The company has also developed proprietary technology like the 'Dynamic Pricing System' (DPS) to offer competitive pricing and an AI-based catalog system to improve operational efficiency and the customer's shopping experience. After nearly a decade of bootstrapping and maintaining profitability, Must It secured its first major funding round in July 2020, a Series A of 15 billion KRW. This was followed by a 13 billion KRW bridge round in May 2021 and a strategic investment of 20 billion KRW from CJ ENM in June 2022, bringing its total accumulated funding to 48 billion KRW.