The rapidly growing fashion e-commerce company reported sales of 708.3 billion won (US$545 million) in 2022, a year on year increase of 54 percent.

The figure is three times higher than Musinsa’s pre-pandemic benchmark in 2019 but the company said its 2022 operating profit plummeted to 3.2 billion won due to extensive investment in global expansion and a loss in its subsidiary SLDT, which operates the sneaker resale platform Soldout. The company’s net loss reached 55.8 billion won.

Last year, the company expanded into 13 markets through the launch of its global online platform Musinsa Store, including a move into nine Asian markets. The brand’s first Tokyo pop-up store attracted more than 10,000 visitors over three days earlier this month.

The company said in a statement that it “did not shy away from investing in new projects” last year in order to maintain strong growth momentum. “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 use our capacities to boost offline marketing activities for partner brands.”

Musinsa and fintech company Dunamu participated in Soldout’s investment round of 40 billion won ($32.8 million) last year.

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South Korea’s Musinsa to Pour $12 Million Into Fashion Start-Ups

The e-commerce player, which previously acquired stakes in fashion and beauty platforms Styleshare and 29CM, plans on investing a further 14 billion won ($12.2 million) in start-ups in 2021.