For the fiscal year 2023, the KKR-backed company recorded an increase in revenue of 40.2 percent to 993.1 billion won.
While Musinsa's net profit increased to $26.2 million from a net loss of $4.9 million in 2022, EBITDA increased 15.9 percent to $61.9 million from $53.4 million in 2022, BoF reported.
The operating deficit of the South Korean company's subsidiary SLDT, which runs the sneaker resale marketplace SoldOut, dropped from over $30.9 million in 2022 to $20.7 million in the previous year.
A spokesman for Musinsa said in a statement released on Tuesday that the company has had average annual sales growth of more than 40% over the last three years, despite the "rapidly changing fashion market." "This year, we will lead sustainable growth and revenue after building a solid foundation in key business areas like Musinsa, 29CM, Musinsa Standard, and global operations."
Established in 2001 and headed by CEO Mun-il Han, the fashion e-tailer serves clients in 13 countries, providing over 1000 K-fashion names.
The business was valued at roughly $2.76 billion after raising $190 million in a Series C fundraising round headed by KKR and including Wellington Management in July of last year. /BGNES