"Transaction Volume Hits 2 Trillion" Musinsa Reports 54.2 Billion Operating Profit Last Year, Up 19% YoY

Sales Increased by 41% Year-on-Year to 466.7 Billion Won

[Asia Economy Reporter Eunmo Koo] Musinsa announced on the 6th that its consolidated sales last year reached 466.7 billion KRW, a 41% increase compared to the previous year. Operating profit for the same period rose 19% to 54.2 billion KRW. The annual transaction volume achieved 2.3 trillion KRW, approximately a 90% increase from the previous year, marking the first time a domestic fashion platform has entered the '2 trillion KRW transaction era.'

Last year, growth in new members, the acquisition and merger of StyleShare and 29CM, and increased sales from major tenant brands contributed to the expansion of performance. During the 'Black Friday' event held from November 25 to December 1, record-breaking sales of 123.2 billion KRW were achieved in just one week, driving brand sales growth. The campaign 'Celebrities Also Love Musinsa,' featuring Yoo Ah-in, Jung Ho-yeon, and Koo Kyo-hwan, attracted significant customer interest.

In 2021, Musinsa also focused on expanding its online and offline business. In April last year, it opened its first offline store, the 'Musinsa Standard' flagship store near Hongdae Station in Mapo-gu, Seoul. As of the end of last year, Musinsa Store's membership exceeded 10 million, with about 4 million monthly active users.

Going forward, Musinsa plans to continue category-specific tailored growth strategies by leading major specialty sections such as Kids, Golf, Sports, Outlet, and Luxury. It also plans to concretize its global expansion to actively promote domestic fashion brands gaining attention overseas.

To this end, Musinsa conducted its first-ever open recruitment for new MDs last month since its founding. As the largest fashion platform in Korea, it established the CTO (Chief Technology Officer) position to advance technology and is actively recruiting talent across all tech-related fields.

This year, Musinsa will also focus on co-growth with domestic brands, establishing a healthy fashion ecosystem, and expanding ESG (Environmental, Social, and Governance) management. The company plans to continuously increase support for its co-growth project, which provides interest-free production funds to small-scale brands. Since its inception in 2015, the cumulative support for production funds has reached 110 billion KRW.

Musinsa also plans to pay close attention to nurturing emerging designers. It will strengthen the 'Next Fashion Incubator' program of Musinsa Partners, Korea's first fashion-specialized venture capital subsidiary, to discover new designers and brands. Additionally, Musinsa has launched a fashion scholarship for fashion design university students this year and plans to gradually increase the scale of support.

Han Moon-il, CEO of Musinsa, said, "Last year, customers showed great interest in various campaigns we promoted for co-growth with brands, and as major brands' sales expanded, Musinsa was able to grow as well. This year, we will further refine growth strategies by specialty sections such as Kids, Golf, and Outlet, while focusing on discovering emerging designers and brands and their global expansion, spreading fashion culture through community functions, and fostering a healthy fashion ecosystem based on co-growth and mutual prosperity."