KKR-backed Korean fashion retailer Musinsa plans to go public in the US with a valuation of 7.2 billion US dollars

The Zhitong Finance App learned that Musinsa, a Korean company invested by KKR Group (KKR.US), is considering launching an initial public offering (IPO), and has invited several investment banks to submit underwriter proposals.

Musinsa has yet to disclose the details of the IPO, but according to information, the Seoul-based company's current listing valuation may reach about 10 trillion won (7.2 billion US dollars), and founder Cho Man-ho is expected to use this to skyrocket his wealth. Musinsa said that details such as the timing and scale of the IPO will be further discussed after selecting an underwriter.

Cho founded Musinsa in 2001, and after more than 20 years, it took more than 20 years to transform it from a niche streetwear website to a global fashion platform. Currently, Musinsa operates Korea's leading online fashion platforms — “Musinsa” for the general public and “29cm,” which focuses on female users. The two major platforms have approximately 7 million monthly active users and 3 million, respectively.

The Musinsa global website launched in 2022 has grown rapidly, with an average annual growth rate of 260% in transaction volume; by the end of April 2025, the number of monthly active users of the global website had exceeded 3 million.

Musinsa previously revealed that in 2023, KKR and Wellington Management Group (Wellington Management Group) invested about 200 billion won in it, and the company was valued at about 3.5 trillion won at the time.

According to local media reports, Musinsa may be listed in South Korea or the US as early as 2026.

According to company documents, in 2024, Musinsa's sales increased 25% to 1.2 trillion won; operating performance reversed from previous year's loss to profit, achieving operating profit of 102.8 billion won. This positive trend continued until the first quarter of 2025, with current operating profit of 17.6 billion won.