[REPORTERSNOTEBOOK] What's holding back innovation among Korean startups?

Musinsa’s tax investigation in Seoul has become a wider test of whether Korea offers startups enough predictability to innovate and grow. The piece says entrepreneurs need clear legal boundaries, while the government is expanding startup support and venture funding. It argues that Korea should avoid making regulations feel harsher as companies become more successful.

The Seoul Regional Tax Office began investigating Musinsa last month over CEO Cho Man-ho’s alleged appropriation of corporate funds for his real estate investment spinoff firm, Lapel.

The investigation is being handled by Investigation Bureau 4, which can launch special probes without prior notice and may escalate cases into tax offense investigations.

The Fair Trade Commission concluded earlier this month that Musinsa’s arrangements with partner brands did not violate fair trade laws.

The Financial Services Commission announced measures last week to support promising firms, including those with low credit ratings, and launched Korea Strategic Technology Partners for long-term funding.

A Federation of Korean Industries survey found that 46 percent of elementary, middle and high school teachers nationwide were unfamiliar with the concept of entrepreneurship.

Published Sep 29, 2026 7:00 am KST

Updated Sep 29, 2026 9:54 am KST

Musinsa under back-to-back gov't investigations

A Musinsa pop-up in Taiwan during the K-Tourism Road Show in Taiwan, jointly hosted by the Korean Ministry of Culture, Sports and Tourism and the Korea Tourism Organization, bustles with visitors in this 2024 photo. Courtesy of Musinsa

Korea’s largest fashion shopping platform Musinsa is currently under investigation by the Seoul Regional Tax Office over CEO Cho Man-ho’s alleged appropriation of corporate funds for his real estate investment spinoff firm, Lapel.

The investigation, which began last month, is being led by Investigation Bureau 4. Unlike other offices that primarily handle regular tax audits, Bureau 4 is known for conducting special investigations that can begin without prior notice and, in serious cases, develop into tax offense investigations, potentially exposing the targets to criminal complaints and significant business risks.

The Bureau 4 investigation began while the Fair Trade Commission (FTC) was still investigating Musinsa in a separate case, which concluded earlier this month. The antitrust watchdog looked into whether Musinsa prevented some partner brands from selling through other retail channels in order to secure exclusive sales of their products. The investigation, which began in August 2024, ended with the FTC concluding that the arrangements were part of normal business or marketing practices and did not violate fair trade laws.

But setting the pending investigation aside, another question remains: What signal is the Musinsa case sending to the industry? Beyond the legal question of whether the tax authority can prove that Cho engaged in tax evasion — if there was any — the case also raises questions about Korea’s business environment for entrepreneurs. The concern is whether that environment offers enough predictability for entrepreneurs to make business decisions with confidence.

This is particularly important for startups that bet on innovative practices and strategies, some of which may require regulatory sandboxes to take shape, compete and grow. If the business environment leaves entrepreneurs constantly exposed to legal risks they cannot reasonably anticipate, is it an incubator for innovative leaders?

Members of K-pop girl group Tuide appear in this promotional image for Musinsa's 2026 FW season collection which was released on Sept. 15. Courtesy of Musinsa

A good business environment is one where entrepreneurs with innovative ideas can thrive while recognizing that legal violations are followed by consequences. Business interests should not come before compliance with the law, and entrepreneurs should be able to understand which laws they must follow and what punishments they should expect if they cross those boundaries. Such predictability is a fundamental element of the rule of law, providing clear guidance rather than unexpected legal risks.

As a company that began in 2001 as an online community for sharing pictures of sneakers before growing into Korea’s largest fashion platform, Musinsa demonstrated the role entrepreneurship can play in turning a small startup into a major business.

Such entrepreneurship is essential to a vibrant startup ecosystem, as it encourages founders to take risks, pursue new ideas and turn them into businesses with the potential to grow. Creating an environment where more startups can follow a similar path has therefore become an important policy goal for the government.

The government has also been expanding support for domestic startups. Last week, the Financial Services Commission announced measures to provide financing to promising firms, including those with low credit ratings, while launching Korea Strategic Technology Partners to provide long-term funding for startups with strategically important technologies. The Lee Jae Myung administration has also pledged to expand state-backed venture investment and strengthen Korea’s startup ecosystem.

What should go along with such measures is to make domestic market trustworthy enough for startups to invest while not having to fear failure.

The government should also avoid giving startups the impression that the country’s business regulations become harsher simply because companies grow larger or more successful.

According to a survey by the Federation of Korean Industries earlier this month, 46 percent of elementary, middle and high school teachers nationwide said they were unfamiliar with the concept of entrepreneurship. If a predictable and supportive business environment remains a far-fetched ideal, Korea may struggle to produce the next Musinsa — and unfamiliarity with entrepreneurship may become more than just a survey finding.

Musinsa在首尔发起的税务调查，已演变为对韩国能否为初创企业提供足够可预测性以促进创新和发展的一次更广泛的考验。文章指出，企业家需要清晰的法律界限，而政府正在扩大对初创企业的支持和风险投资。文章认为，随着企业的成功，韩国应该避免使监管变得更加严苛。

首尔地方税务局上个月开始调查武信社首席执行官赵万浩涉嫌挪用公司资金用于其房地产投资衍生公司 Lapel 的行为。

该案由第四调查局负责处理，该局可以不经事先通知就展开特别调查，并可能将案件升级为税务犯罪调查。

本月初，公平贸易委员会得出结论，Musinsa 与合作伙伴品牌的安排并未违反公平贸易法。

韩国金融服务委员会上周宣布了一系列支持有发展前景的企业（包括信用评级较低的企业）的措施，并启动了韩国战略技术合作伙伴计划，以提供长期资金支持。

韩国工业联合会的一项调查发现，全国46%的小学、初中和高中教师不熟悉创业的概念。

发布于2026年9月29日韩国时间上午7:00

更新于2026年9月29日上午9:54（韩国标准时间）

穆辛萨连续受到政府调查

这张摄于2024年的照片显示，在韩国文化体育观光部和韩国旅游发展局联合主办的“K-Tourism Road Show”台湾站期间，Musinsa在台湾的快闪店里人头攒动，热闹非凡。照片由Musinsa提供。

韩国最大的时尚购物平台 Musinsa 目前正因 CEO 赵万浩涉嫌挪用公司资金用于其房地产投资衍生公司 Lapel 而受到首尔地方税务局的调查。

这项调查从上个月开始，由第四调查局牵头。与其他主要处理常规税务审计的部门不同，第四调查局以开展特别调查而闻名，这些调查可以在没有事先通知的情况下开始，并且在严重的情况下，会发展成税务犯罪调查，这可能会使调查对象面临刑事指控和重大的商业风险。

第四局的调查开始之际，公平交易委员会（FTC）仍在对穆辛萨公司进行另一项调查，该调查已于本月初结束。反垄断监管机构调查穆辛萨公司是否阻止部分合作伙伴品牌通过其他零售渠道销售产品，以确保其产品的独家销售权。这项始于2024年8月的调查最终以FTC的结论告终：这些安排属于正常的商业或营销惯例，并未违反公平交易法。

但撇开正在进行的调查不谈，另一个问题依然存在：武信社案向业界发出了怎样的信号？除了税务机关能否证明赵某存在逃税行为（如果存在的话）这一法律问题之外，该案也引发了人们对韩国商业环境的质疑。人们担心的是，这种环境是否能为企业家提供足够的稳定性，让他们能够充满信心地做出商业决策。

这一点对于那些押注于创新实践和战略的初创企业尤为重要，因为其中一些实践和战略可能需要监管沙盒才能形成、竞争和发展。如果商业环境让企业家不断面临他们无法合理预见的法律风险，那么它还能成为创新领导者的孵化器吗？

韩国女子组合Tuide的成员出现在Musinsa 2026秋冬系列的宣传照中，该系列于9月15日发布。图片由Musinsa提供。

良好的商业环境应当允许拥有创新理念的企业家蓬勃发展，同时也要让他们认识到违法行为必将承担后果。商业利益不应凌驾于法律之上，企业家应当能够了解自己必须遵守哪些法律，以及一旦越界将面临何种惩罚。这种可预见性是法治的基石，它能够提供清晰的指导，而非带来意想不到的法律风险。

Musinsa 成立于 2001 年，最初是一个分享运动鞋图片的在线社区，后来发展成为韩国最大的时尚平台。Musinsa 证明了创业精神在将小型创业公司发展成为大型企业方面所能发挥的作用。

这种创业精神对于充满活力的创业生态系统至关重要，因为它鼓励创始人承担风险、追求新想法，并将其转化为具有增长潜力的企业。因此，营造一个让更多初创企业能够遵循类似发展路径的环境，已成为政府的一项重要政策目标。

政府也一直在加大对国内初创企业的支持力度。上周，金融服务委员会宣布了一系列措施，旨在为包括信用评级较低的企业在内的有发展前景的企业提供融资，同时启动了“韩国战略技术伙伴计划”，为拥有战略性重要技术的初创企业提供长期资金支持。李在明政府也承诺扩大国家支持的风险投资，并加强韩国的创业生态系统。

与这些措施同时进行的，是要让国内市场足够值得信赖，使初创企业能够放心投资，而不必担心失败。

政府也应该避免让初创企业产生这样的印象：仅仅因为公司规模扩大或更加成功，国家的商业法规就会变得更加严苛。

根据韩国工业联合会本月初的一项调查，全国46%的中小学教师表示不熟悉创业的概念。如果一个可预测且支持性强的营商环境仍然遥不可及，韩国可能难以涌现出下一个武信社——而对创业的陌生感或许也不仅仅是一项调查结果。