KKR-backed fashion company Musinsa has reported a 40.2 per-cent year-on-year growth in revenue to 993.1 billion won (US$733 million) for the 2023 fiscal year. 

The company posted a net profit of $26.2 million last year from a net loss of $4.9 million in 2022.

However, the company’s operating profit on a separate basis was down 40 per cent year on year to $27.4 million due to “the effect of accounting for expenses due to RSUs (restricted transfer stock) paid to executives and employees”. 

Musinsa said it plans for cost-effective growth through systematic planning, including fostering offline expansion, global expansion, and its limited-edition platform ‘Sold Out’.

The fashion company secured $190 million in a Series C round led by KKR last year. Musinsa’s platform boasts more than 8000 local and foreign designer brands in 13 countries. The company said it achieved a valuation exceeding $2.5 billion last year.