South Korean fashion company Musinsa reported revenue of $733 million for 2023. The company's net profit exceeded $26 million.
The company, backed by global investor Kohlberg Kravis Roberts (KKR), reported 40.2% annual revenue growth for fiscal 2023, The Business of Fashion reported.
The company's profit (before interest and tax) for the year jumped 15.9% to $61.9 million from $53.4 million in 2022, and Musinsa's net profit reached $26.2 million from a net loss of $4.9 million in 2022.
A subsidiary of South Korean company SLDT, which runs sneaker resale platform SoldOut, cut its operating loss from more than $30.9 million in 2022 to $20.7 million last year.
A Musinsa spokesperson said that despite the "rapidly changing fashion market", Musinsa has recorded average annual sales growth of over 40% over the past three years.
"This year, having established a solid foundation in core business areas such as Musinsa, 29CM, Musinsa Standard and global operations, we will drive sustainable growth and revenue," the company spokesperson added.
Founded in 2001 and led by CEO Moon-Il Han, the fashion company offers around 1,000 K-fashion labels to customers in 13 countries.
In July last year, the company received $190 million in a Series C funding round led by KKR and joined by Wellington Management, raising its valuation to about $2.76 billion./BGNES
