Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Musinsa reports $540 million in revenue for 2022
People stand in line in front of Musinsa Standard Gangnam in southern Seoul in this July 2022 file photo. Courtesy of Musinsa
By Park Jae-hyuk
By Park Jae-hyuk
Musinsa, one of Korea's leading online fashion platform providers, has continued rapid growth in sales, posting 708.3 billion won ($540 million) in annual revenue in 2022, up 54 percent from a year earlier, according to its regulatory filing, Thursday.
Not including earnings from its subsidiaries, the company posted 645.2 billion won in 2022 sales, up 60 percent from the previous year.
The fashion firm attributed its sales growth to the increase in female customers, as well as its efforts to develop products and services in specific categories, such as luxury, beauty, golf, sports and kids.
An approximate 80 percent year-on-year increase in 29CM's trading volume also contributed to Musina's sales growth. 29CM is an online store acquired by Musinsa in late 2021.
Soldout, a platform for limited edition goods run by Musinsa's subsidiary, SLDT, showed a 275 percent year-on-year increase in trading volume, thanks to continued efforts to upgrade its services, according to Musinsa.
Musinsa's annual operating profit in the separate financial statement, on the other hand, decreased to 53.9 billion won in 2022 from 67 billion won in 2021, due to its aggressive investments made last year.
About 26.8 billion won worth of stock-based compensation expenses, including Musinsa founder Cho Man-ho gifting his stocks to employees, also decreased the company's operating profit.
“Musinsa did not shy away from investing in new projects in 2022 to keep the strong growth momentum going,” the company said in a press release. “This year, new projects will be expanded from last year, while strengthening the strategy to invest in brands in and outside of Korea to secure stable revenue streams. We will also utilize our capacities to boost offline marketing activities for partner brands.”