Musinsa Posts Record Results with 1.4 Trillion Won in Revenue, 36% Surge in Operating Profit

Revenue Doubled in Three Years
Operating Profit Growth Rate More Than Twice That of Revenue
Expansion of Musinsa Standard and Online-Offline Channels

Musinsa achieved record-breaking results last year, driven by the expansion of its online and offline channels as well as the growth of its in-house brand, Musinsa Standard. Both revenue and operating profit posted double-digit growth, with the increase in operating profit outpacing revenue growth, highlighting a significant improvement in profitability.

According to Musinsa on March 31, 2026, consolidated revenue for 2025 reached 1.4679 trillion won, up 18.1% from the previous year. Musinsa's revenue in 2022 was 708.4 billion won, meaning the company has nearly doubled its scale in just three years. The compound annual growth rate (CAGR) in revenue from 2022 to 2025 stands at 27.5%.

Operating profit came in at 140.5 billion won, marking a 36.7% increase year-on-year. This growth rate is more than twice the revenue growth rate of 18.1%, indicating that the platform business's unique "fixed cost leverage" effect has kicked in. This means Musinsa has entered a phase where profit accelerates rapidly without additional increases in costs, thanks to reaching a certain cost structure.

EBITDA, which reflects the company’s cash-generating ability, rose by 27.1% to 248 billion won. For the fourth quarter of 2025, revenue was 494.9 billion won, up 17% from the same period last year, while operating profit surged 58.9% to 69.9 billion won.

Growth continued on a separate (standalone) basis as well. Annual revenue increased 22.9% to 1.3529 trillion won, and operating profit climbed 29.7% to 145.8 billion won. In the fourth quarter, revenue and operating profit reached 470.5 billion won and 71.4 billion won, up 23% and 59.5%, respectively.

However, net profit declined due to changes in accounting standards. Musinsa recognized redeemable convertible preferred shares (RCPS) as liabilities, resulting in interest expenses being included. As a result, consolidated net profit dropped 41.2% to 7.7 billion won, while on a separate basis, the company recorded a net loss of 29.1 billion won. These are accounting-related costs and did not lead to actual cash outflows.

Looking at the revenue structure, commission revenue accounted for the largest share at 38.76%, followed by product revenue at 30.78% and merchandise revenue at 27.3%. Particularly noteworthy is the growth of the global store, with exports soaring to 48.9 billion won—more than a tenfold increase over the previous year.

Namseong Cho, CEO of Musinsa, stated, "Although we continued to invest during our offline and global expansion, profitability has remained stable. With the performance of new stores being reflected, we also expect further growth through economies of scale."

Meanwhile, Musinsa held its annual general meeting of shareholders on this day, approving the appointment of CEO Namseong Cho as a new registered director, among other agenda items.

This content was produced with the assistance of AI translation services.