KKR & Co.-backed South Korean fashion retailer Musinsa Co. has submitted an application for a preliminary review by the Korea Exchange, marking the first formal step toward a potential listing on the main Kospi board. The Seoul-based company may seek a valuation of up to 10 trillion won ($7.44 billion), which would make it one of the country's largest initial public offerings in years. Musinsa plans to list late this year or in early 2027, according to a spokesperson.

A successful offering could help revive South Korea's sluggish IPO market, where first-time listings have raised just over $1 billion in 2026 compared to more than $3 billion annually in the previous three years. Citigroup Inc. and Korea Investment & Securities Co. are lead underwriters, with JPMorgan Chase & Co. and KB Securities Co. as co-underwriters.

Founded in 2001, Musinsa has evolved from a niche streetwear site into a global fashion platform operating Korea's leading online platforms "Musinsa" and women-focused "29cm," each attracting millions of monthly active users. The company generated more than 5 trillion won in revenue last year and targets 3 trillion won in overseas sales by 2030, with a third expected from China, according to Co-Chief Executive Officer Nam Cho. The listing comes amid global fashion retail headwinds, highlighted by Shein Global Holdings Ltd.'s disappointing Hong Kong debut.