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🇰🇷 South Korea /Economy & Trade

Musinsa achieves record first-quarter revenue driven by offline and global growth

From Dong-A Ilbo · () Korean

Translated from Korean and summarized by DistantNews. Read the original for the full story.

At a glance

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  • Musinsa, a South Korean fashion platform, achieved its highest-ever first-quarter revenue of 363.6 billion won, a 24.1% increase year-over-year.
  • The company attributes its record performance to the expansion of its offline stores and growth in its global business.
  • Offline Musinsa Standard stores saw an 86% revenue increase, while the global store's transaction volume grew by over 48%.

South Korean online fashion platform Musinsa has reported its strongest-ever first-quarter financial results, with consolidated revenue reaching 363.6 billion won (approximately $265 million). This figure represents a significant 24.1% increase compared to the same period last year, marking a new record for the company's first-quarter performance.

Musinsa recorded consolidated revenue of 363.6 billion won in the first quarter, a 24.1% increase from the previous year.

· MusinsaMusinsa announced its first-quarter financial results.

Musinsa attributes this substantial growth to a dual strategy focusing on expanding its physical retail presence and accelerating its global business operations. The company has been actively opening new Musinsa Standard offline stores in key locations, including department stores and premium outlets. In the first quarter alone, four new stores were launched, contributing to an impressive 86% year-over-year revenue surge for its offline Musinsa Standard outlets.

This is the largest revenue for the first quarter in our history.

· MusinsaMusinsa highlighted the record-breaking nature of its Q1 performance.

Complementing its domestic retail expansion, Musinsa's global e-commerce platform has also shown robust growth. The Musinsa Global Store recorded a transaction volume increase of over 48% compared to the first quarter of the previous year. Furthermore, its export performance has seen a dramatic rise, with revenues soaring to approximately 15.3 billion won, an increase of nearly 11.9 times compared to the same period in 2023.

The expansion of offline new stores led to increased sales.

· MusinsaMusinsa explained the contribution of its offline retail strategy to revenue growth.

The company's operating profit also saw a positive trend, increasing by 8.2% to 19 billion won in the first quarter. This record performance underscores Musinsa's successful strategy in diversifying its sales channels and expanding its reach beyond the domestic market, positioning it for continued growth in the competitive fashion e-commerce landscape.

The total offline sales of Musinsa Standard in the first quarter increased by about 86% compared to the same period last year.

· MusinsaMusinsa provided specific figures for its offline store performance.
About this summary

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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