Musinsa Posts Record H1 Sales of KRW 821.7 Billion; Operating Profit Falls 11%
Creatrip Team
19 days ago
Musinsa, South Korea’s leading online fashion retailer, reported record first-half consolidated sales of KRW 821.7 billion, up 22.5% year-on-year, driven by expanded offline stores and faster global growth. Operating profit declined 11.2% to KRW 52.3 billion due to higher material and labor costs and increased logistics and commission expenses. On a standalone basis, H1 sales rose 30% to KRW 784.7 billion with operating profit up 13.1%. The company recorded a net loss of KRW 15.6 billion due to accounting recognition of convertible preferred shares (RCPS) as debt, which affected interest expense but not actual cash outflow. Musinsa opened 12 new offline stores in Q2 (10 domestic, 2 overseas), and its Musinsa Standard shops saw a 64% sales increase and a record quarterly 10 million visitors; a new flagship “Mega Store” in Seongsu reached about KRW 10 billion in sales within 68 days. The Musinsa KIX sneaker shops and 29CM marketplace also showed strong growth, with foreign customers making up large shares of sales. Global store transactions across 13 regions jumped over 143%, lifting export revenue to about KRW 37.2 billion—nine times last year’s level. Musinsa plans more physical stores and large international pop-ups, including an 80-brand K-fashion/K-beauty popup in Osaka and new stores in Shenzhen, aiming to blend online and offline experiences and support brands’ global expansion. (RCPS: redemption convertible preferred shares)
