Musinsa announced on the 22nd that its first-quarter performance for this year recorded sales of 292.9 billion won and an operating profit of 17.6 billion won. This is an increase of 12.6% and 24%, respectively, compared to the same period last year.
Musinsa noted that stable growth in most areas, including fashion, beauty, sports, and lifestyle, enabled its first-quarter sales and operating profit to grow by double digits this year.
In the institutional sector, visitors to the Musinsa Store edit shop and its private brand "Musinsa Standard" offline stores are continuously increasing. As of March, the number of customers who visited the Musinsa Standard offline store surpassed 2.1 million, and the cumulative number of visitors in the first quarter exceeded 4.7 million.
There were also many foreign visitors. As of April, the average proportion of foreign sales at the five foreigner-specialized stores operated by Musinsa Standard (Hongdae, Gangnam, Seongsu, Myeongdong, and Hannam) reached half.
Since entering an emergency management system in April, Musinsa has focused on reducing inefficiencies in its management system. Nonetheless, it plans to proceed with investments needed for expanding into offline and global markets without any setbacks, aiming to discover future revenue sources through new business expansions.
Musinsa CEO Park Jun-mo stated, "The results in the first quarter are due to focused investments in growth sectors such as incubating new and small designer brands last year, supporting K-fashion's overseas expansion, and diversifying categories like beauty and home, in line with the strategy of selection and concentration."
He added, "As consumer sentiment remains sluggish into the second quarter and uncertainty rises, we will maintain the emergency management system while overcoming the challenging market environment."