The KKR-backed company reported a 40.2% increase in annual revenue to 993.1 billion won for fiscal 2023.
EBITDA for the current year increased 15.9% to $61.9 million from 2022’s $53.4 million, while Musinsa’s net profit reached $26.2 million, up from a 2022 net loss of $4.9 million.
SLDT, a subsidiary of the South Korean company that runs sneaker resale platform SoldOut, cut its operating losses to $20.7 million last year from more than $30.9 million in 2022.
A Musinsa spokesman said in a statement on Tuesday that despite a “rapidly changing fashion market,” Musinsa has recorded average annual sales growth of more than 40 percent over the past three years. “This year, we will lead to sustainable growth and profitability after establishing a stable foundation in our core business areas, including Musinsa, 29CM, Musinsa Standard and our global business.”
Founded in 2001 and led by CEO Han Moon-il, the fashion e-tailer offers around 1,000 Korean fashion brands to customers in 13 countries.
The company raised $190 million in a Series C funding round last July led by KKR with participation from Wellington Management, raising its valuation to about $2.76 billion.
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Musinsa: The K-fashion ecosystem is spreading around the world
The growing popularity of K-culture is helping Korean brands and retailers like Mushinsa gain global recognition, the CEO explains in an interview with The State of Fashion 2024.
