Musinsa grapples with multiple hurdles in preliminary IPO review

Musinsa has filed for a preliminary IPO review in Seoul as it seeks a valuation near 10 trillion won, testing investor appetite amid slower growth and a special tax audit. The company said the listing is one financing option to support its growth as a global company. Musinsa is also expanding offline and overseas, while preparing to emphasize its private-label and international businesses.

Musinsa filed for a preliminary review of its initial public offering on Monday, according to the Korea Exchange.

Korea Investment & Securities and Citigroup Global Markets Korea are lead underwriters, and KB Securities and JPMorgan are joint underwriters.

Musinsa internally valued itself at about 10 trillion won, while it reportedly aims for an IPO valuation of about 8 trillion won after a discount to reflect market conditions.

Revenue rose to 1.47 trillion won in 2025 from 993.1 billion won in 2023, and operating profit swung to 140.5 billion won from a loss of 8.6 billion won.

Since Aug. 22, the Seoul Regional Tax Office has been examining fund flows between Musinsa and Rappel, a real estate investment company owned by founder and CEO Cho Man-ho.

Published Sep 8, 2026 3:15 pm KST

Updated Sep 8, 2026 3:16 pm KST

IPO ambitions faces valuation, tax probe challenges

Customers shop at a Musinsa store in Seoul in this undated photo. Courtesy of Musinsa

Musinsa has begun the process of going public, setting up a test to see whether investors will accept a valuation of nearly 10 trillion won ($7.4 billion) amid slowing growth and a special tax audit, market watchers said Tuesday.

Korea's largest fashion platform filed for a preliminary review of its initial public offering (IPO) on Monday, according to the Korea Exchange. Korea Investment & Securities and Citigroup Global Markets Korea are serving as lead underwriters, while KB Securities and JPMorgan are joint underwriters.

"The purpose of this preliminary review is to assess the feasibility of a listing, which we are considering as one of our financing options to support our growth as a global company," Musinsa said in a statement.

Founded in 2001, Musinsa operates its flagship online fashion platform, Musinsa Store, women's fashion platform 29CM and private-label brand Musinsa Standard. The company has been expanding beyond online retail by increasing its offline presence and pushing into overseas markets.

Musinsa has internally valued itself at about 10 trillion won, roughly triple the 3 trillion won valuation it received when it raised 200 billion won from American investment firms KKR and Wellington Management in 2023. The company is reportedly targeting an IPO valuation of about 8 trillion won after applying a discount to reflect market conditions.

Secondary-market transactions involving existing shares have more recently valued the company at about 4 trillion won, underscoring the gap between its implied market value and IPO target.

Musinsa founder and CEO Cho Man-ho / Courtesy of Musinsa

Revenue rose to 1.47 trillion won in 2025 from 993.1 billion won in 2023, while the company swung to an operating profit of 140.5 billion won from a loss of 8.6 billion won. Revenue reached 821.7 billion won in the first half of this year. Still, top-line growth has slowed.

"To achieve its target valuation, Musinsa will need to convince investors that its strong growth in recent years can translate into sustained earnings growth going forward," an industry official said.

The company is expected to emphasize its evolution beyond a domestic online fashion platform, including its private-label business and overseas operations.

Musinsa aims to replicate Japan, China success in Southeast Asia

Musinsa to merge brand subsidiary to strengthen core business

A special tax audit is another potential hurdle. Since Aug. 22, the Seoul Regional Tax Office has been examining fund flows between Musinsa and Rappel, a real estate investment company personally owned by Musinsa founder and CEO Cho Man-ho. The review also covers the appropriateness of share pledges and related transactions.

Sono International, which also had been preparing for a listing this year, has seen its exchange review delayed following a tax audit.

If the exchange review proceeds smoothly, Musinsa is expected to move ahead with the offering by year-end, potentially clearing the way for a listing early next year.

As of June, Cho was Musinsa's largest shareholder with a 51.8 percent stake. Its financial investors include Sequoia Capital, KKR, IMM Investment, Wellington Management, Korea Development Bank, Anta Sports and EQT Partners.

Musinsa已在首尔提交IPO初步审查申请，寻求接近10万亿韩元的估值。该公司表示，在增长放缓和接受税务特别审计的情况下，上市是其融资渠道之一，旨在试探投资者的接受度。Musinsa表示，上市是其作为一家全球性公司实现增长的融资选择之一。此外，Musinsa也在积极拓展线下和海外市场，并计划重点发展自有品牌和国际业务。

据韩国交易所消息，武信社于周一提交了首次公开募股的初步审查申请。

韩国投资证券和花旗环球金融韩国公司是主承销商，KB证券和摩根大通是联席承销商。

Musinsa内部估值约为10万亿韩元，据报道，在折价以反映市场状况后，其IPO估值目标约为8万亿韩元。

2025 年营收从 2023 年的 9931 亿韩元增至 1.47 万亿韩元，营业利润由亏损 86 亿韩元转为盈利 1405 亿韩元。

自 8 月 22 日起，首尔地方税务局一直在调查 Musinsa 与 Rappel（一家由创始人兼首席执行官赵万浩拥有的房地产投资公司）之间的资金流动情况。

发布于2026年9月8日下午3:15（韩国标准时间）

更新于2026年9月8日下午3:16（韩国标准时间）

IPO计划面临估值和税务调查挑战

这张未注明日期的照片显示，顾客正在首尔的一家Musinsa商店购物。照片由Musinsa提供。

市场观察人士周二表示，武信社已开始上市程序，并设立了一项测试，以检验投资者是否会在经济增长放缓和特别税务审计的情况下接受近 10 万亿韩元（74 亿美元）的估值。

据韩国交易所消息，韩国最大的时尚平台已于周一提交首次公开募股（IPO）的初步审查申请。韩国投资证券和花旗环球金融韩国公司担任主承销商，KB证券和摩根大通担任联席承销商。

穆辛萨在一份声明中表示：“此次初步审查的目的是评估上市的可行性，我们正在考虑将其作为支持我们作为一家全球性公司发展的融资选择之一。”

Musinsa成立于2001年，旗下运营着旗舰线上时尚平台Musinsa Store、女装平台29CM以及自有品牌Musinsa Standard。该公司正通过拓展线下业务和进军海外市场，不断拓展线上零售以外的业务。

Musinsa的内部估值约为10万亿韩元，大约是其2023年从美国投资公司KKR和Wellington Management融资2000亿韩元时估值（3万亿韩元）的三倍。据报道，该公司在考虑市场状况并进行折价后，计划IPO估值约为8万亿韩元。

最近，涉及现有股票的二级市场交易对该公司估值约为 4 万亿韩元，凸显了其隐含市值与 IPO 目标之间的差距。

Musinsa创始人兼首席执行官赵万浩 / 图片由Musinsa提供

预计到2025年，公司营收将从2023年的9931亿韩元增至1.47万亿韩元，同时扭亏为盈，实现营业利润1405亿韩元，而2023年则亏损86亿韩元。今年上半年，公司营收达到8217亿韩元。然而，营收增速已经放缓。

一位业内人士表示：“为了达到目标估值，Musinsa需要说服投资者，其近年来强劲的增长能够转化为未来持续的盈利增长。”

预计该公司将重点发展成为一家超越国内在线时尚平台的企业，包括其自有品牌业务和海外业务。

穆辛萨的目标是在东南亚复制日本和中国的成功经验。

Musinsa将合并品牌子公司以加强核心业务

一项特别税务审计是另一个潜在的障碍。自8月22日起，首尔地方税务厅一直在审查武信社（Musinsa）与Rappel（一家由武信社创始人兼首席执行官赵万浩个人拥有的房地产投资公司）之间的资金流动情况。此次审查还包括股权质押及相关交易的合理性。

Sono International 今年也曾准备上市，但由于税务审计，其交易所审查被推迟。

如果交易所审查进展顺利，Musinsa 有望在年底前推进发行，从而为明年初上市铺平道路。

截至6月，赵某是武信社的最大股东，持股比例为51.8%。其金融投资者包括红杉资本、KKR、IMM投资、惠灵顿管理公司、韩国开发银行、安踏体育和EQT Partners。