Musinsa said on the 25th that its operating profit in the third quarter rose 7.3% from a year earlier to 11.8 billion won. Revenue for the same period increased 11.8% to 302.4 billion won.
On a year-to-date basis, operating profit was 70.6 billion won, up 20.1% from a year earlier, while revenue rose 18.7% to 973 billion won. If the trend continues, annual revenue is expected to exceed 1 trillion won this year, following last year.
Despite weaker consumer sentiment from July to September, a period considered relatively off-season in the fashion industry, the company said it sustained balanced growth across both online and offline markets.
In particular, in the third quarter Musinsa opened new stores to expand its offline footprint, including Musinsa Standard The River Mall Gangdong, Musinsa Standard Starfield Market Ilsan, and 29CM Igukids Seongsu.
It also moved aggressively with overseas investments to target the global market. On the 10th, it opened the Musinsa Standard flagship store on China's e-commerce platform "Tmall," and in October it also launched the official Musinsa Store mall. It continued local investments to expand its influence in the Japanese market.
Chief Executive Park Jun-mo of Musinsa said, "The third quarter was a period to conserve strength ahead of the year-end shopping peak, stock up on fall-winter (FW) season inventory, and focus on investments to prepare for entry into global markets," adding, "Starting with the opening of Musinsa's first global offline store in Shanghai, China, next month, we will make next year the first year of our overseas push."