Musinsa announced Monday it will advance settlement payments worth 130 billion won ($96.6 million) to partner brands ahead of the Chuseok holiday to help them manage their cash flow.
The early payout covers more than 10,000 small and midsize brands listed on the Musinsa and 29CM online stores. The company said it decided to accelerate the payments to ease the liquidity burden on partners that typically face concentrated short-term funding needs around major holidays.
Under its standard policy, Musinsa pays out in a lump sum on the 10th of each month for all purchase confirmations recorded from the first to the last day of the previous month. With this year's Chuseok holiday falling in late September, the company will instead pay out on Sept. 22 — just before the holiday — covering purchase confirmations from Sept. 1 through Sept. 20.
"We decided to advance the settlement payments to ease the financial burden on more than 10,000 partner brands that face increased funding needs ahead of the Chuseok holiday," a Musinsa official said.
spa@heraldcorp.com
