Mula Wear was Korea's top-3 athleisure brand with ₩12B invested — bankrupt in 18 months

Mula Wear (뮬라웨어) was a first-generation Korean athleisure brand that, by 2020, was ranked among Korea's top three athleisure players alongside Xexymix and Andar. The company attracted ₩12 billion in cumulative investment from LB Investment, SBI Investment, Stick Ventures and Atinum Investment, positioning it as a venture-backed challenger in Korea's booming activewear market.

The brand failed to create clear differentiation from its competitors. Marketing and promotional spending was heavy but did not produce sufficient sales performance. Costs outran revenue, and the company accumulated losses until it reached complete capital impairment. On January 10, 2025, Mula filed for corporate rehabilitation with the Seoul Rehabilitation Court. In September 2025, the court permitted a pre-rehabilitation M&A process using a stalking-horse method, but no acquirer submitted a letter of intent.

On June 25, 2026, the Seoul Bankruptcy Court closed the corporate rehabilitation proceedings after the failed M&A. On July 10, 2026, the court declared bankruptcy and appointed a bankruptcy trustee. Mula's online store was halted and the company effectively wound down. The case illustrated the fragility of venture-funded fashion brands that scale marketing ahead of product differentiation in a crowded, fast-moving category.