Musinsa’s sales skyrocket on the back of global expansion 

(Source: Musinsa)

South Korean fashion platform Musinsa reported 708.3 billion won (US$545 million) in revenue last year, which represents 54 per cent year-on-year growth. 

The brand has tripled its turnover in three years from 219.7 billion won in 2019. 

The company said the rapid growth was driven by the expansion of online and offline marketing activities, including the large-scale campaign Mujinjang Sale which drew a significant number of new customers. The sales gain also resulted from the surge in demand for luxury goods, beauty and sports products. 

The extensive investment however led to a drop in operating profit to 3.2 billion won and a net loss amounting to 55.8 billion won.

Musinsa’s retail and exhibition concept, 29CM, saw gross merchandise volume increase by almost 80 per cent year on year. Its subsidiary SLDT – which runs a sneaker resale platform – recorded a 275 per cent increase in the gross merchandise volume compared to 2021. 

“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,” the company said in a statement. “We will also use our capacities to boost offline marketing activities for partner brands.”

The brand’s first Tokyo pop-up store attracted more than 10,000 visitors in three days last week.

Last year, the company opened a global e-commerce store to offer South Korean fashion products in nine Asian countries, along with Canada and the US. The Asian markets are Japan, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam.

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