Korean Fashion Giant Musinsa Pursues $6.8 Billion IPO

Korean Fashion Giant Musinsa Pursues $6.8 Billion IPO

KKR-backed Musinsa, South Korea’s leading online fashion retailer, has selected Citigroup and JPMorgan Chase to underwrite its initial public offering, with potential listing planned for 2025. The company is targeting a valuation of 10 trillion won, approximately $6.8 billion including debt, according to sources familiar with the matter.

Citi will serve as lead underwriter, while JPMorgan acts as co-underwriter for the landmark deal. Local Korean banks KB Securities and Korea Investment & Securities will also participate in roles yet to be determined. The fashion e-commerce platform is evaluating listing locations in either Seoul or New York, depending on where it can secure optimal valuation conditions.

Building Korea’s Fashion E-Commerce Empire

Founded in 2001 by Cho Man-ho, Musinsa has evolved from a niche streetwear platform into a dominant force in Korean fashion retail. The company operates two major digital platforms: “Musinsa,” attracting approximately 7 million monthly active users, and “29cm,” a women-focused marketplace with 3 million users monthly.

The company announced its IPO consideration in August after inviting multiple investment banks to submit formal proposals for lead manager positions. Following the selection of underwriters, Musinsa stated it would disclose additional details regarding timing and offering size.

A Fortune in the Making

The potential IPO represents a significant milestone for founder Cho Man-ho, who established the business over two decades ago. Musinsa’s expansion includes opening physical stores beyond Seoul, with a notable location established in Daegu during 2023, signaling the company’s strategic diversification across both online and offline retail channels.