South Korean online fashion platform Musinsa announced Tuesday that it recorded its strongest-yet financial performance last year, with annual revenue surpassing the 1 trillion won ($680 million) mark and operating profit exceeding 100 billion won.
According to the company, it recorded revenue of 1.24 trillion won last year, up 25.1 percent from the previous year, while posting an operating profit of 102 billion won -- a sharp turnaround from a loss of 8.6 billion won in 2023.
Musinsa came just shy of breaking the 1 trillion won mark in 2023, posting 993.1 billion won in sales.
While crediting its revenue growth to the strong performance of its core platform businesses, the company highlighted balanced growth in new areas such as beauty, sports and home categories, along with offline expansion and global initiatives.
For one, the rapid growth of the company’s private label, Musinsa Standard, played a key role in driving revenue, the company explained.
“This year, we intend to expand investment in offline channels and global markets to further raise the profile of K-fashion brands," a company official said.
Alongside its business expansion, Musinsa is undertaking a governance overhaul to reinforce transparency and sharpen management capabilities.
At a general shareholders’ meeting on Monday, Musinsa appointed independent directors to its board for the first time. The new members are former Corning Korea CEO Lee Haeng-hee, Korea University law professor Lee Hwang and DS Private Equity CEO Lim Soo-hyon.
Marking a turning point in its governance, Musinsa, which had previously lacked independent board oversight, expressed confidence that the addition of seasoned outside directors would help it meet global standards from within, complementing its external growth.
“We will continue to maintain a stable governance structure by further enhancing management transparency,” the official said. The company has also established new internal committees aimed at ensuring greater independence and expertise in decision-making, the official added.
minmin@heraldcorp.com
