'Blockbuster IPO' Musinsa Sends RFPs to Securities Firms

Investors Seek 10 Trillion Won Valuation
"Decision Aimed at Building a Foundation for Sustainable Growth"

On August 18, fashion e-commerce company Musinsa officially began its initial public offering (IPO) process by sending out a request for proposal (RFP) to select its lead underwriter.

According to sources in the retail and financial investment industries on August 18, Musinsa sent RFPs to major domestic and international securities firms for a listing on the Korea Exchange. An RFP is a document that a company preparing for an IPO sends to securities firms to invite proposals for underwriting the offering. A Musinsa representative explained, "This is to establish a foundation for sustainable growth," adding, "We have sent RFPs to multiple securities firms to verify the feasibility of an IPO."

Park Junmo, CEO of Musinsa, presenting at the 'Global Partners Day' media briefing held at Dongdaemun Design Plaza (DDP) on June 10. Photo by Musinsa.

Previously, the securities industry anticipated that Musinsa would soon begin its IPO process. This expectation arose after Musinsa was assigned Deloitte Anjin as its external auditor by the Financial Supervisory Service and subsequently appointed three new outside directors at its regular shareholders' meeting at the end of March. Key preparatory steps for an IPO include appointing an auditor, selecting outside directors, and sending out RFPs.

At the '2025 Musinsa Global Partners Day' held in June, CEO Park Junmo also mentioned that the company was actively considering an IPO. He stated, "An IPO is one of the important investment methods for global expansion," and added, "Since timing and funding costs are extremely important variables for a public offering, we are carefully reviewing the optimal timing and conditions at present."

It is reported that investors are seeking a valuation of 10 trillion won for Musinsa. When Musinsa last received investment, its valuation stood at 3.5 trillion won. The current valuation sought by investors is roughly three times higher than at that time. In its Series C funding round in 2023, Musinsa received an investment of 240 billion won from Kohlberg Kravis Roberts (KKR) and Wellington Management, which recognized the company's valuation at 3.5 trillion won.

Last year, Musinsa recorded annual revenue exceeding 1 trillion won for the first time in its history. The company has been growing rapidly, posting double-digit annual revenue growth rates. As of last year, Musinsa's revenue was 1.2427 trillion won, with an operating profit of 102.8 billion won. Its private brand (PB), 'Musinsa Standard,' significantly boosted sales through the expansion of offline stores. Additionally, its subsidiary Soldout reduced its losses, resulting in a turnaround to operating profit last year.

Musinsa is also actively expanding into global markets. In addition to operating a global online mall, Musinsa's stores in Hongdae, Seongsu, and Gangnam have become must-visit destinations for foreign visitors to Korea, helping the company broaden its global customer base. Following the establishment of its Japanese subsidiary, Musinsa also launched Musinsa China this year.