SEOUL, November 25 (AJP) - South Korean fashion platform Musinsa announced on Tuesday its cumulative operating profit through the third quarter rose more than 20 percent from a year earlier to surpass 70 billion won ($50 million), while revenue increased by double digits.
Third-quarter operating profit on a consolidated basis increased 7.3 percent from a year earlier to 11.8 billion won, while revenue expanded 11.8 percent to 302.4 billion won.
Cumulative operating profit through the third quarter reached 70.6 billion won, up 20.1 percent from 58.8 billion won a year earlier. Cumulative revenue reached 973 billion won, up more than 153 billion won from 819.6 billion won in the same period.
The company opened new stores during the third quarter including Musinsa Standard locations in Gangdong and Ilsan, and 29CM stores in Seongsu. Musinsa Trading, the company's brand distribution subsidiary, also launched offline stores for global brands including Undercover and Y-3.
Musinsa opened a Musinsa Standard flagship store on China's Tmall in September and a Musinsa Store official mall in October, participating in the Singles Day shopping festival. The company plans to open its first overseas Musinsa Standard store and a Musinsa Store Shanghai multi-brand shop in December.
In Japan, Musinsa operated a three-week pop-up store in Tokyo's Shibuya in October featuring more than 80 domestic brands and expanded collaboration with local fashion e-commerce platform Zozotown. Cumulative fashion exports through the third quarter increased more than threefold from a year earlier.
"The third quarter was a period focused on building inventory for the fall-winter season ahead of the year-end shopping peak season and investing in preparation for global market entry," CEO Park Jun-mo said.
A Musinsa official added, "Next year we will expand our offline presence overseas in earnest, and naturally there will be investment costs as we deploy resources."
reporter
Candice Kim
candicekim1121@ajupress.com
Copyright ⓒ Aju Press All rights reserved.
