Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Musinsa is getting ready to complete its IPO in 2H 2025. Musinsa is the top fashion online/mobile platform in Korea. </li>
<li>The market value of Musinsa is expected to be about 5 trillion won which could be one of the largest IPOs in Korea this year. </li>
<li>Musinsa had its best ever results in 2024 with sales of 1.2 trillion won (up 25.1% YoY), operating profit of 102.8 billion won, and net profit of 69.8 billion won.</li>
</ul>


Musinsa is getting ready to complete its IPO in 2H 2025. Musinsa is the top fashion online/mobile platform in Korea. 
The market value of Musinsa is expected to be about 5 trillion won which could be one of the largest IPOs in Korea this year. 
Musinsa had its best ever results in 2024 with sales of 1.2 trillion won (up 25.1% YoY), operating profit of 102.8 billion won, and net profit of 69.8 billion won.


Private Capital Markets

<ul>
<li>Brandi is a vertical commerce company that creates apps and  platforms for fashion and beauty shopping.</li>
<li>The company is expanding its influence in the fashion market through its vertical commerce platforms/apps strategy including Brandi, Hiver, Flare, and Seoul Store.</li>
<li>It is estimated that Brandi has recently been valued at about 700 billion won to 800 billion won, approaching near a unicorn status. </li>
</ul>


Brandi is a vertical commerce company that creates apps and  platforms for fashion and beauty shopping.
The company is expanding its influence in the fashion market through its vertical commerce platforms/apps strategy including Brandi, Hiver, Flare, and Seoul Store.
It is estimated that Brandi has recently been valued at about 700 billion won to 800 billion won, approaching near a unicorn status. 


Brandi Inc (Near Unicorn): Leading Vertical Fashion Apps in Korea Including Brandi & Hiver

Musinsa is the Korea's equivalent of ZOZO. It was reported on November 11th that<a href="https://finance.naver.com/news/news_read.nhn?article_id=0003649660&amp;office_id=011&amp;mode=LSS2D&amp;type=0&amp;section_id=101&amp;section_id2=258&amp;section_id3=&amp;date=20191111&amp;page=1" target="_blank" rel="noopener"> Musinsa</a>, the largest fashion e-commerce company in Korea, received 200 billion won investment from Sequoia Capital, valuing the company at 2.3 trillion won.Musinsa is the number one player in the online fashion platform in Korea. Currently, Musina has more than 5.5 million members and there are about 3,500 shoes, sneakers, and other apparel related brands that are sold on its online platform.<div class="content-highlight">Musinsa is different from some of the other general shopping malls that simply sell the apparel products. Musinsa also plays a role as an important media that provides various contents such as fashion trends, brand showcase, and product information. You can find many, diverse fashion-related contents, including online showcases, styling fashion pictorials, street fashion, and curating shops, conveying the message and information of numerous apparel brands and products.</div>Musinsa has terrific financials. Unlike many of the top Korean Unicorns such as Coupang which are not profitable, Musinsa has consistently generated positive profits in the past several years. In fact, Musinsa is one of the most profitable companies among the 10 Unicorns in Korea.

Musinsa is the Korea's equivalent of ZOZO. It was reported on November 11th that Musinsa, the largest fashion e-commerce company in Korea, received 200 billion won investment from Sequoia Capital, valuing the company at 2.3 trillion won.Musinsa is the number one player in the online fashion platform in Korea. Currently, Musina has more than 5.5 million members and there are about 3,500 shoes, sneakers, and other apparel related brands that are sold on its online platform.Musinsa is different from some of the other general shopping malls that simply sell the apparel products. Musinsa also plays a role as an important media that provides various contents such as fashion trends, brand showcase, and product information. You can find many, diverse fashion-related contents, including online showcases, styling fashion pictorials, street fashion, and curating shops, conveying the message and information of numerous apparel brands and products.Musinsa has terrific financials. Unlike many of the top Korean Unicorns such as Coupang which are not profitable, Musinsa has consistently generated positive profits in the past several years. In fact, Musinsa is one of the most profitable companies among the 10 Unicorns in Korea.

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Musinsa (MUSINAZ KS)

Initial Thoughts on the Musinsa IPO

Musinsa is getting ready to complete its IPO in 2H 2025. Musinsa is the top fashion online/mobile platform in Korea. The market value of Musinsa is...

Douglas Kim

Brandi Inc (Near Unicorn): Leading Vertical Fashion Apps in Korea Including Brandi & Hiver

Brandi is a vertical commerce company that creates apps and platforms for fashion and beauty shopping. Brandi has recently been valued at about...

Douglas Kim

MUSINSA - Korea's ZOZO

Musinsa is the Korea's equivalent of ZOZO. It was reported on November 11th that Musinsa, the largest fashion e-commerce company in Korea, received...

Douglas Kim

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