Banseog note · Oct 24, 2026
Musinsa — The online leader steps out into stores and overseas
- Where it stands now
- Expansion + IPO preparation
Consolidated revenue for 2025 was reported at about KRW 1.4679 trillion (+18%), with operating profit of KRW 140.5 billion (+37%). Revenue in the first half of 2026 rose 22.5%, while operating profit fell 11% on store and overseas investment.
- Three decisions within a year
- KOSPI listing: it applied for preliminary review in September 2026 and is targeting a listing in the first half of 2027.
- Offline expansion: the goal is to grow Musinsa Standard stores to 50 in Korea and 60 in Korea and abroad by the end of 2026; in China it expects more than 100 within five years.
- Overseas: more than 2,100 brands are now on Japan's ZOZOTOWN, and a permanent Tokyo store is planned for 2027. There is also a joint venture in China.
- Three people it will look for
- Store operations and store-manager level — a program already places staff as store managers after six months of training
- Listed-company finance, IR and internal control — the company moved to accountability under nine C-level officers from 2026
- Global business (Japan and China) leaders and tech talent
- For HR
- A company about to list looks for finance, legal and IR experience all at once. Move before more companies are chasing the same people.
- For job seekers
- Platform experience combined with offline store operations or Japan/China business experience fits this company's next two years exactly.
A reading written from public sources. Sources: Coverage of the 2025 annual report (2026-03-31), H1 2026 results (2026-09-07), co-CEO and C-level structure (2025-12-12), application for preliminary listing review (2026-09-07), coverage of Japan transaction value (2026-08-27). Team size is from Korea's pension register.