Musinsa

Fashion E-Commerce · Retail Platform · Korea IPO

IPO

Musinsa targets $7.5B valuation ahead of 2027 Kospi IPO

Profit margins are sliding even as foreign shoppers now make up more than half of its flagship store sales.

• Musinsa filed for preliminary listing review with the Korea Exchange on Sept. 7, 2026, targeting a Kospi debut in the first half of 2027 with a market valuation seen as high as 10 trillion won ($7.47 billion).
• Musinsa is Korea's largest fashion platform, running the Musinsa Store marketplace, women's platform 29CM and private-label line Musinsa Standard, with over 24 million members and 20,000-plus partner brands.
• The planned listing covers about 227.8 million total shares with roughly 26.6 million shares offered to the public, around 11.7% of the company, at a 100-won par value.
• First-half 2026 revenue hit a record 821.7 billion won, up 22.5% year-on-year, but operating profit fell 11.2% to 52.3 billion won as margin slid from 9.6% to 6.4%.
• Foreign shoppers accounted for 53% to 68% of sales at Musinsa Standard's Seoul flagship stores from January to August 2026, and global online store transaction volume jumped over 143% year-on-year in the second quarter.
• At the top of its target range, Musinsa would be the first Korean platform company in five years to reach a 10 trillion won market cap, following Kakao Pay in 2021, in a year when tightened duplicate-listing rules have left only two companies newly listed on the Kospi.
• The listing is a test of whether investors will pay a growth premium for a platform whose overseas expansion is boosting sales but, for now, eroding profitability.