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Korean Fashion E-tailer Musinsa Posts $733 Million in Annual Revenue

K-fashion e-commerce giant Musinsa opened a store in the city of Daegu in 2023, expanding its physical presence beyond Seoul in the South Korean market.
K-fashion e-commerce giant Musinsa opened a store in the city of Daegu in 2023, expanding its physical presence beyond Seoul in the South Korean market. (Musinsa)
By
  • Khanh Linh

The KKR-backed company has reported a 40.2 percent growth in annual revenue to 993.1 billion won for the 2023 fiscal year.

EBITDA for the year surged 15.9 percent to $61.9 million from $53.4 million in 2022, while Musinsa’s net profit reached $26.2 million from a net loss of $4.9 million in 2022.

The South Korean company’s subsidiary SLDT, which operates sneaker resale platform SoldOut, reduced its operating loss from more than $30.9 million in 2022 to $20.7 million last year.

In a statement issued Tuesday, a Musinsa spokesperson said that despite the “rapidly changing fashion market” Musinsa has recorded an average annual sales growth rate of over 40 percent over the past three years. ”This year, after establishing a stable foundation in core business areas such as Musinsa, 29CM, Musinsa Standard, and global operations, we will lead sustainable growth and revenue.”

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Founded in 2001 and led by chief executive Mun-il Han, the fashion e-tailer offers about 1000 K-fashion labels to customers in 13 countries.

Last July, the company bagged $190 million in a Series C funding round led by KKR and joined by Wellington Management, which raised its valuation to about $2.76 billion.

Learn more:

Musinsa: The K-Fashion Ecosystem Goes Global

The expanding popularity of K-culture is helping South Korean brands and retailers like Musinsa gain global recognition, explains CEO in an interview for The State of Fashion 2024.

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