MUSINSA recorded GMV of $3.3 billion, revenue of $910 million, operating profit of $75 million, and net profit of $51 million for the fiscal year 2024, based on its consolidated financial statements.
MUSINSA’s annual revenue surpassed $910 million for the first time in 2024, marking a 25.1% increase year-over-year. By revenue stream, commission revenue totaled $355 million(up 24.3%), merchandise sales reached $275 million(up 15.0%), and product sales came in at $248 million(up 29.9%). On a separate financial statement basis(excluding affiliates), MUSINSA’s standalone revenue amounted to $800 million, up 24.6% from 2023.
The revenue growth was largely driven by strong performance from domestic designer brands across MUSINSA’s platform businesses, including MUSINSA, 29CM, and its global operations. This was further supported by balanced growth in new strategic initiatives such as category expansion into beauty, sports, and home, as well as ongoing developments in offline retail and global markets.
The rapid growth of MUSINSA STANDARD, which began accelerating its offline expansion last year, also contributed significantly to overall revenue growth. In 2024 alone, the brand opened 14 new stores and attracted 12 million visitors annually, resulting in offline sales more than tripling compared to 2023.
MUSINSA turned to an operating profit in 2024, recovering from an operating loss of $6.3 million in 2023. Net profit also swung to the black, reaching $51 million. This turnaround was driven by a “Selection and Focus” strategy that strengthened cost efficiency by eliminating unnecessary spending. Additionally, ongoing investments in core business infrastructure—including finance and HR—enabled faster profitability analysis and the establishment of a more agile response system.
EBITDA, a key indicator of a company’s cash-generating ability, more than doubled year-over-year in 2024 to reach $143 million on a consolidated basis.
From a cost perspective, employee stock compensation expenses, a one-time cost, decreased significantly from $30 million in 2023 to $12 million in 2024, marking a 60.8% reduction.
This year, MUSINSA plans to increase investments in technology infrastructure and talent acquisition to further advance its key platform services, including MUSINSA, 29CM, and its global business. The company also intends to expand investment in global logistics services to support the overseas expansion of K-fashion brands by strengthening the foundation for international growth.
Joonmo Park, CEO of MUSINSA, stated, “In 2024, we achieved strong revenue growth by continuously discovering and nurturing trend-leading fashion and lifestyle brands, which enabled successful category expansion into beauty, sports, and home.” He added, “In particular, our aggressive investment in technology—starting last year—has enhanced AI-driven product recommendations and exposure curation, leading to visible sales growth for our partner brands. Building on this momentum, we will further expand investment in 2025 to ensure that K-fashion brands gain even greater traction in offline and global markets.”