KKR-backed South Korean fashion retailer Musinsa plans to go public in the U.S., with an estimated valuation of up to 7.2 billion US dollars.

The South Korean company Musinsa, invested by KKR Group (KKR.US), is considering launching its initial public offering (IPO), and has currently invited several investment banks to submit underwriting proposals. Musinsa has not disclosed the specific details of the IPO, but it is understood that the company, headquartered in Seoul, may have a market valuation of approximately 100 trillion South Korean won (approximately $7.2 billion) for this listing, with founder Cho Man-ho expected to significantly increase his wealth as a result. Musinsa stated that further details such as the timing and scale of the IPO will be discussed after selecting the underwriters. Established by Cho in 2001, Musinsa has transformed from a niche street fashion website into a global fashion platform over the past two decades. Currently, Musinsa operates South Korea's leading online fashion platforms - the mass-market "Musinsa" and the female-focused "29cm," with approximately 7 million and 3 million monthly active users on these two platforms respectively. The rapid growth of Musinsa's global site launched in 2022 has seen an average annual growth rate of 260% in transaction volume; by the end of April 2025, the global site had surpassed 3 million monthly active users. Previously, Musinsa revealed that in 2023, KKR and Wellington Management Group invested approximately 200 billion South Korean won in the company, valuing it at approximately 3.5 trillion South Korean won at the time. According to local media reports, Musinsa could possibly be listed in South Korea or the United States as early as 2026. Company documents show that in 2024, Musinsa's sales increased by 25% to 1.2 trillion South Korean won; operating performance turned from a loss in the previous year to a profit, achieving an operating profit of 102.8 billion South Korean won. This positive trend continued into the first quarter of 2025, with an operating profit of 17.6 billion South Korean won during that period.