Musinsa sales rise 51 percent while profit drops

Musinsa website. [SCREEN CAPTURE]

Musinsa sales last year jumped 51 percent, though its operating profit shrunk 7 percent.

The online shopping platform on Wednesday said its sales last year was 331.9 billion won ($296 million), up 51 percent on year. Its operating profit was 45.5 billion won, down 7 percent on year.

The earnings were driven by increased user numbers and sales of limited fashion items, according to the company.

The number of the platform members stands at 8.4 million, up 40 percent on year. Around 6,000 brands are sold on the platform.

“Musinsa’s standing in the domestic fashion market is still small, so we will continue to try to grow further this year,” said Cho Man-ho, Musinsa CEO, in a statement.

BY JIN MIN-JI [jin.minji@joongang.co.kr]