KKR & Co.-backed South Korean fashion retailer Musinsa Co. has picked Citigroup Inc. and JPMorgan Chase & Co. to work on an initial public offering that may take place next year.
Citi will be lead underwriter, while JPMorgan will act as co-underwriter, according to a spokesperson for Musinsa. Local banks such as KB Securities Co. and Korea Investment & Securities Co. will also be involved, but roles haven’t been decided. Musinsa is exploring a listing in Seoul or New York, depending on where it can get a better valuation, the spokesperson said.
Musinsa may seek a valuation of 10 trillion won ($6.8 billion) including debt, according to a person familiar with the matter, who asked not to be identified because the matter is private.
A representative for Musinsa declined to comment on valuation, while KB and Korea Investment & Securities declined to comment.
Musinsa said in August it was considering an IPO and had invited several investment banks to submit proposals to serve as lead managers on the deal. It said it would discuss details including timing and size after selecting arrangers.
Local media previously reported the banks and the target valuation of Musinsa, potentially minting a fortune for founder Cho Man-ho.
Cho established the business in 2001 and transformed it into a global fashion platform from a niche streetwear site over two decades. Musinsa operates Korea’s leading online fashion platforms — “Musinsa” and women-focused “29cm” — drawing about 7 million and 3 million monthly active users, respectively.
By Haram Lim, Dave Sebastian and Julia Fioretti
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KKR-Backed Korea Fashion Retailer Musinsa Considering IPO
Musinsa did not disclose IPO details, but local media have reported the Seoul-based company could seek a valuation of about 10 trillion won ($7.2 billion) during the listing, potentially minting a fortune for founder Cho Man-ho.
