(Musinsa) Musinsa said Wednesday it posted record first-quarter sales as strong growth in its online platform business and expanding offline operations offset the fashion industry’s seasonal slowdown.The company reported consolidated sales of 363.6 billion won ($242 million) for the January-March period, up 24.1 percent from a year earlier. Operating profit rose 8.2 percent to 19 billion won.On a stand-alone basis, sales climbed about 25 percent to 335 billion won, while operating profit jumped 45.5 percent to 27.5 billion won.Musinsa said transaction volumes continued to expand across its online platform businesses, while offline stores in major shopping districts such as Myeong-dong and Seongsu also delivered strong growth.Sales at Musinsa Standard offline stores surged about 86 percent on-year during the quarter, while customer traffic nearly doubled to 9.23 million visitors nationwide.Between January and March, the company opened four new Musinsa Standard stores at One Grove, Starfield Village Unjeong, Hyundai Department Store Mokdong and Shinsegae Premium Outlet Paju.In March, Musinsa also opened its first China store, Musinsa Standard Shanghai New World City, as part of efforts to expand its overseas customer base.The company said gross merchandise volume at its global store rose more than 48 percent on-year in the first quarter, supported by growing overseas demand for Korean fashion and beauty products.Foreign customers accounted for about 44 percent of sales at five Musinsa Standard flagship stores located in major commercial districts, including Myeong-dong, Seomyeon, Seongsu, Hannam and Hongdae.Exports surged about 11.9 times from a year earlier to 15.3 billion won during the quarter. Exports accounted for 4.2 percent of total quarterly sales, sharply up from 0.44 percent a year earlier.A Musinsa official said newly launched offline spaces and integrated online-to-offline marketing strategies contributed to the company’s growth.The company added that it would continue supporting the global expansion of partner brands while strengthening customer shopping experiences.
Musinsa posts record Q1 as stores, exports fuel growth
Musinsa said Wednesday it posted record first-quarter sales as strong growth in its online platform business and expanding offline operations offset the fashion








