Musinsa said on Monday its annual revenue in 2025 rose 18.1 percent from a year earlier to 1.47 trillion won. Operating profit for the period was 140.5 billion won, up 36.7 percent from the previous year. Musinsa' annual revenue has more than doubled over three years. Revenue in 2022 was 708.4 billion won, and the compound annual growth rate from 2022 to 2025 was 27.5 percent.

Consolidated net profit for 2025 was 7.7 billion won, down about 41.2 percent from a year earlier. On a standalone basis, it posted a net loss of 29.1 billion won over the same period. Musinsa said the results were due to an accounting policy change from last year that recognises redeemable convertible preferred shares (RCPS) as liabilities. It said the effect came from reflecting interest expenses that arise when RCPS are recognised as liabilities on the books, and it explained that there was no actual cash outflow.

Fourth-quarter consolidated revenue rose 17 percent from a year earlier to 494.9 billion won. Fourth-quarter consolidated operating profit was 69.9 billion won, up 58.9 percent from a year earlier.

Standalone annual revenue in 2025 was 1.35 trillion won, up 22.9 percent from a year earlier. Operating profit over the same period increased 29.7 percent from a year earlier to 145.8 billion won. Standalone fourth-quarter revenue and operating profit rose 23 percent and 59.5 percent, respectively, to 470.5 billion won and 71.4 billion won.

The company said it achieved its best-ever results last year on the back of expanded competitiveness in online and offline channels and rapid growth of its in-house brand, Musinsa Standard.

The annual growth rate in consolidated operating profit was more than double the revenue growth rate over the same period. Musinsa said it believes it has entered a full-fledged profit-generation phase as it sees fixed-cost leverage, where it can generate profits without additional spending after establishing a certain level of fixed costs due to the nature of its platform business.

Earnings before interest, taxes, depreciation and amortisation (EBITDA), an indicator of a company's cash-generating ability, was 248.0 billion won on a consolidated basis in 2025, up 27.1 percent from a year earlier.

Musinsa's 2025 revenue by type consisted of commission revenue at 38.76 percent, product revenue at 30.78 percent and merchandise revenue at 27.3 percent. Export performance was 48.9 billion won, up more than tenfold from a year earlier. Musinsa currently operates the Musinsa Global Store in 13 overseas regions.

Musinsa is strengthening its offline distribution competitiveness by expanding offline channels, including the Musinsa Store fashion select shop, to multiple regions in South Korea, along with its in-house brand Musinsa Standard. The company said more than 32 million people visited the offline stores operated by Musinsa in 2025. This year it is putting more emphasis on its curation strategy by opening the Musinsa Kicks sneaker select shop in Hongdae and Seongsu, as well as the Musinsa Outlet at Lotte Mall Eunpyeong.

In the global market, it plans to operate a pop-up store in Japan in April in collaboration with K-fashion companies that are attracting attention locally. It also plans to strengthen integration with its entry into ZozoTown and to reinforce its role as a partner helping rising brands expand overseas. In China, it said operations of its in-house brand and select shop, which it first opened in Shanghai at the end of last year, have entered a stabilisation phase, and it plans to move ahead with an expansion of additional stores from this year.

Cho Nam-sung (조남성), Musinsa's chief executive, said, "We made large-scale investments in the process of rapidly expanding into offline and global markets, but profitability has not wavered and a virtuous cycle of reinvesting profits has begun to take shape." He added, "If revenue from offline stores scheduled to newly open is actively reflected in annual results, we expect momentum to build for expansion in scale and enhancement of corporate value."

Musinsa on Monday also approved the appointment of Cho as a newly registered director and passed agenda items including approval of financial statements for fiscal year 2025 as originally proposed, at its 14th annual general meeting of shareholders held in the morning at its headquarters in Seongdong-gu, Seoul, Musinsa Seongsu N1.