Musinsa said on the 31st that last year's results came to 1.468 trillion won in sales and 140.5 billion won in operating profit. Compared with a year earlier, sales rose 18.1% and operating profit increased 36.7%.
Looking only at the fourth quarter of last year, sales were 494.9 billion won, up 17% from a year earlier, and operating profit was 69.9 billion won, up 58.9%.
On a separate basis excluding subsidiaries, annual sales last year were 1.353 trillion won, up 22.9% from the previous year. During the same period, operating profit rose 29.7% to 145.8 billion won. Fourth-quarter separate-basis sales were 470.5 billion won and operating profit was 71.4 billion won, up 23% and 59.5%, respectively, from a year earlier.
However, net profit decreased as an accounting policy change to treat redeemable convertible preference shares (RCPS) as a liability has been applied since last year. As a result, net profit attributable to owners of the parent on a consolidation basis in 2025 was 7.7 billion won, down 41.2% from a year earlier, while on a separate basis it recorded a net loss of 29.1 billion won. The company said this was due to the reflection of accounting interest expense after recognizing RCPS as a liability, and that no actual cash outflow occurred.
By type, last year's revenue structure showed commission revenue with the largest share at 38.76%, followed by product sales at 30.78% and merchandise sales at 27.3%. As the transaction volume of the Musinsa Global Store, which operates in 13 overseas regions, increased, export performance reached 48.9 billion won, more than 10 times higher than a year earlier."
Cho Nam-seong, Musinsa's CEO, said, "While we carried out large-scale investments in the process of rapidly expanding into offline and global markets, profitability has remained steady and a virtuous cycle of reinvesting profits has begun," adding, "If sales from offline stores scheduled to newly open are actively reflected in annual results, we expect to gain further momentum in expanding scale through economies of scale and enhancing corporations value."
Meanwhile, Musinsa held its 14th regular shareholders meeting on Tuesday morning at its headquarters, Musinsa Seongsu N1, in Seongdong-gu, Seoul, and approved as originally proposed agenda items including the new appointment of CEO Cho as a registered director and the approval of the 2025 fiscal year financial statements.
Looking at Musinsa's standalone performance on a separate basis excluding subsidiaries, annual sales in 2025 were 1.353 trillion won, up 22.9% from a year earlier. During the same period, operating profit increased 29.7% year over year to 145.8 billion won. In the fourth quarter of last year, separate-basis sales and operating profit were 470.5 billion won and 71.4 billion won, respectively, up 23% and 59.5% from the same period a year earlier. However, due to an accounting policy change since last year to recognize redeemable convertible preference shares (RCPS) as a liability, Musinsa's net profit attributable to owners of the parent on a consolidated financial statements basis in 2025 was 7.7 billion won, down about 41.2% year over year, and it recorded a net loss of 29.1 billion won on a separate financial statements basis. This is due to the impact of reflecting interest expense arising from recognizing RCPS as a liability on the books, and no actual cash outflow occurred. In 2025, breaking down Musinsa's sales by type, commission revenue had the largest share at 38.76%, followed by product sales at 30.78% and merchandise sales at 27.3%. Thanks to the increase in the transaction volume of the "Musinsa Global Store," which Musinsa operates in 13 overseas regions, export performance reached 48.9 billion won, more than 10 times higher than a year earlier. Last year, Musinsa strengthened its offline distribution competitiveness by expanding its in-house brand "Musinsa Standard" and fashion select shop "Musinsa Store" to various regions in Korea. Over the course of 2025, more than 32 million visitors came to offline stores operated by Musinsa. This year as well, it has been unveiling in succession the sneaker specialty select shops Musinsa Kicks in Hongdae and Seongsu and the value-priced offline distribution channel "Musinsa Outlet Lotte Mall Eunpyeong," focusing efforts on a differentiated curation strategy. In global markets, it will collaborate with "K-fashion" companies gaining attention in Japan to run a pop-up store in Apr., while strengthening linkage with Zozotown to enhance its role as a partner helping rising brands expand overseas. In China, as operations of its in-house brand and select shop that first opened in Shanghai late last year enter a stabilization phase, it plans to begin full-fledged additional store expansion starting this year. Musinsa CEO Cho Nam-seong said, "While we carried out large-scale investments in the process of rapidly expanding into offline and global markets, profitability has remained steady and a virtuous cycle of reinvesting profits has begun," adding, "If sales from offline stores scheduled to newly open are actively reflected in annual results, we expect to gain further momentum in expanding scale through economies of scale and enhancing corporations value." Meanwhile, Musinsa, through the 14th regular shareholders meeting held on Tuesday morning at its headquarters, Musinsa Seongsu N1, in Seongdong-gu, Seoul, newly appointed CEO Cho Nam-seong as a registered director and approved agenda items such as the approval of the 2025 fiscal year financial statements as originally proposed.