Musinsa applies for preliminary review for potential Kospi listing

South Korean fashion platform Musinsa has applied for preliminary review to list on the main Kospi market, taking a formal step toward a potential initial public offering.

Musinsa submitted the application to the Korea Exchange on Monday afternoon, the company said.

According to Musinsa, the review will allow the company to determine whether it meets the requirements for a listing and whether going public would be beneficial. The company said it is considering an IPO as one way to raise funds for its global expansion.

Musinsa founder and CEO Cho Man-ho and 26 others currently hold a combined 54.2 percent stake in the company. According to a Korea Exchange disclosure, Musinsa plans to have about 227.8 million shares outstanding if it goes public, including 26.6 million shares to be offered to investors. The shares have a par value of 100 won each.

Investment banking industry estimates put Musinsa's potential valuation at between 8 trillion won ($5.9 billion) and 10 trillion won. If the listing goes ahead, Musinsa is expected to be one of South Korea's biggest IPOs in the first half of 2027.

Musinsa began in 2001 as an online community for sneaker enthusiasts before growing into one of South Korea's largest fashion platforms. Its businesses now include fashion marketplace Musinsa Store, lifestyle platform 29CM and clothing brand Musinsa Standard.

In recent years, the company has expanded beyond its online business, opening more physical stores in Korea while increasing efforts to bring Korean fashion brands to overseas markets.

Musinsa reported consolidated revenue of 1.47 trillion won in 2025, up 18.1 percent from a year earlier. Musinsa posted record first-half revenue of 821.7 billion won this year, up 22.5 percent from a year earlier, driven by the expansion of its offline and overseas businesses.

Operating profit, however, fell 11.2 percent to 52.3 billion won as costs increased. Exports rose to 37.2 billion won, nine times the amount recorded during the same period last year.

Despite taking the first formal step toward an IPO, Musinsa has not committed to going public. The company said it will use the preliminary review to assess both whether it meets listing requirements and whether a listing would ultimately benefit the business.