S.Korea’s Musinsa sees sales grow 54% in 2022 to $537 mn

South Korea’s online fashion platform Musinsa saw sales last year surge over 50% to break the 700 billion won ($537.7 million) mark, though operating profit fell due to aggressive new investment such as in global and specialty stores.

The company on Thursday said consolidated sales last year jumped 54% to 708.3 billion won from 2021, while operating profit dropped 95% to 3.2 billion. After hitting the milestone of 100 billion won in 2018, Musinsa has continued double-digit sales growth every year, with revenue of 331.9 billion won in 2020 and 461.2 billion won in 2021.

Citing stronger marketing for its sales surge, Musinsa  said the ratios of female customers and new buyers ages 25-35 grew thanks to aggressive online and offline marketing efforts, including its “Inexhaustible Sale.”

Despite such growth, operating profit fell due to higher new investment. Last year alone, Musinsa opened four stores and the women’s fashion and lifestyle platform Lazy Night.

The company is also accelerating marketing abroad, opening a global store in September last year and starting web and app services to 13 countries including Japan, the US, Singapore and Thailand.

Write to Ji-Yoon Yang at yang@hankyung.com