[Alpha Biz= Paul Lee] SEOUL, August 18, 2025 – Leading fashion e-commerce platform Musinsa announced that it has formally initiated procedures for an initial public offering (IPO).
The company confirmed that it has sent a request for proposal (RFP) to multiple securities firms to select lead underwriters, marking the first step toward a stock market listing. Musinsa said the IPO review is intended to “secure a foundation for sustainable growth.”
Musinsa has previously indicated that an IPO would serve as a critical financing strategy for global market expansion. At the 2025 Musinsa Global Partners Day in June, CEO Junmo Park remarked, “We see an IPO as one of the key investment methods for international growth and an important milestone for our company.” While the possibility of an overseas IPO has not been ruled out, no decision has yet been finalized.
The company is reportedly targeting a listing as early as next year, with industry analysts projecting a valuation of up to ₩10 trillion (approx. USD 7.3 billion). In its Series C funding round in 2023, Musinsa was valued at around ₩3.5 trillion, meaning its estimated valuation has nearly tripled in just over two years.
Founded in 2001 as an online sneaker community by then-high school student Manho Cho, Musinsa has since evolved into a full-fledged fashion ecosystem, launching the Musinsa Magazine (2003), Musinsa Store (2009), and its own private label Musinsa Standard, as well as acquiring lifestyle platform 29CM.
Musinsa reported record consolidated revenue of ₩1.24 trillion and operating profit of ₩103 billion in 2024, marking its first year surpassing ₩1 trillion in sales. Growth continued into Q1 2025, with revenue rising 12.6% YoY to ₩293 billion and operating profit increasing 24% to ₩17.6 billion.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
