Musinsa said on Tuesday it posted first-quarter 2026 consolidated revenue of 363.6 billion won and operating profit of 19.0 billion won. Revenue rose 24.1 percent and operating profit gained 8.2 percent from a year earlier, marking its largest-ever first-quarter results.

On a standalone basis, it posted revenue of 335.0 billion won and operating profit of 27.5 billion won. Standalone operating profit rose 45.5 percent from a year earlier, far outpacing the revenue growth rate, highlighting a sharp improvement in profitability.

It recorded a standalone net loss of 8.0 billion won for the period. The company said this resulted from booking interest expenses under an accounting policy that recognises redeemable convertible preferred shares (RCPS) as liabilities, adding there was no actual cash outflow.

Musinsa said it expanded transaction value on online platforms including Musinsa Store, 29CM, Musinsa Empty and Musinsa Global in the first quarter. It also accelerated offline store openings in key commercial districts such as Myeongdong and Seongsu, boosting profitability.

As a result of the offline expansion, total offline sales of Musinsa Standard rose 86 percent in the first quarter from a year earlier. The number of customers visiting stores nationwide increased 98 percent to about 9.23 million.

From January to March, it opened four new Musinsa Standard stores at One Grove, Starfield Village Unjeong, Hyundai Department Store Mokdong and Shinsegae Premium Outlets Paju. It also opened additional category-specific stores including Musinsa Kicks Hongdae, Musinsa Store Myeongdong, Musinsa Outlet Lotte Mall Eunpyeong, 29HOME Seongsu 2 and Musinsa Empty Apgujeong Galleria.

In March, it opened "Musinsa Standard Shanghai Xinshijie Xinhuan Zhongxin" in Shanghai, China, expanding global touchpoints. As demand for South Korean fashion and beauty products continued to rise overseas, transaction value at the Musinsa Global store increased by more than 48 percent from a year earlier in the first quarter.

First-quarter exports totalled about 15.3 billion won, surging about 11.9 times from a year earlier. The share of exports in quarterly revenue rose to 4.2 percent from 0.44 percent in the first quarter of last year. Foreign customers accounted for about 44 percent of sales at five Musinsa Standard road shops in Myeongdong, Seomyeon, Seongsu, Hannam and Hongdae.

By revenue type, commission revenue accounted for 40.3 percent, product revenue 32.4 percent and merchandise revenue 22.5 percent. The company said it defended profitability by responding to cost pressures such as rising raw material costs and higher logistics expenses with an active supply chain management strategy.

A Musinsa official said the first quarter was a meaningful period as newly introduced offline spaces settled in with customers' positive response and various marketing strategies using them translated directly into tangible performance gains. The official said the company will continue to fully support the global growth of brands on its platform and do its best to provide an innovative fashion shopping experience that breaks down boundaries between online and offline.