09:50
South Korean fashion platform Musinsa may seek a valuation of 10 trillion won for its IPO.
Jin10 data reported on August 18 that South Korean fashion platform Musinsa is considering an initial public offering (IPO) and has invited multiple investment banks to submit proposals to serve as the lead underwriter. The details of the IPO have not been disclosed, but South Korean media reports that the company may seek a valuation of about 10 trillion won (approximately $7.2 billion) and could go public as early as 2026 in South Korea or the United States. Musinsa operates the South Korean online fashion platform "Musinsa" and the women-focused "29cm," with monthly active users of approximately 7 million and 3 million, respectively. Musinsa's global store launched in 2022 has seen rapid growth, with a yearly increase in volume of 260%. As of the end of April this year, the platform's monthly active users have reached 3 million. According to company documents, Musinsa's sales increased by 25% to 1.2 trillion won last year, and operating profit turned from loss to profit at 102.8 billion won, with 17.6 billion won recorded in Q1 this year.