The KKR-backed firm has reported a 40.2 % development in annual income to 993.1 billion gained for the 2023 fiscal yr.
EBITDA for the yr surged 15.9 % to $61.9 million from $53.4 million in 2022, whereas Musinsa’s web revenue reached $26.2 million from a web lack of $4.9 million in 2022.
The South Korean firm’s subsidiary SLDT, which operates sneaker resale platform SoldOut, lowered its working loss from greater than $30.9 million in 2022 to $20.7 million final yr.
In an announcement issued Tuesday, a Musinsa spokesperson mentioned that regardless of the “quickly altering style market” Musinsa has recorded a median annual gross sales development price of over 40 % over the previous three years. ”This yr, after establishing a steady basis in core enterprise areas comparable to Musinsa, 29CM, Musinsa Normal, and world operations, we’ll lead sustainable development and income.”
Based in 2001 and led by chief govt Mun-il Han, the style e-tailer gives about 1000 Ok-fashion labels to clients in 13 international locations.
Final July, the corporate bagged $190 million in a Collection C funding spherical led by KKR and joined by Wellington Administration, which raised its valuation to about $2.76 billion.
Study extra:
Musinsa: The Ok-Vogue Ecosystem Goes International
The increasing reputation of Ok-culture helps South Korean manufacturers and retailers like Musinsa acquire world recognition, explains CEO in an interview for The State of Vogue 2024.
