According to The Korea Economic Daily Global Edition, South Korea’s top online fashion retailer Musinsa has raised another 130 billion won ($115 million) from Sequoia Capital and IMM Investment, giving the startup a 2.5 trillion won ($2.2 billion) valuation. Musinsa set a new record by surpassing an annual turnover of 1.2 trillion ($1.1 billion) in 2020, even amid the pandemic. The online fashion industry leader said that it will use the fresh capital to diversify into new business segments and strengthen its logistics operations. The company specified that it will be focusing more on growing Wusinsa, a new online platform for women’s apparel, and will also expand limited edition products. Musinsa currently operates showrooms in Europe and Japan, showcasing domestic brands to international consumers.