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'Polham' Fashion Company A-Style Secures 8% Stake in Sume Air's Parent Company

[비즈한국] It has been confirmed that A-Style (Eshion Fashion) has invested in Maf & Beyond, the parent company of Sume Air. A-Style is not a professional investment firm, and it has no significant ties to the aviation industry. Analysts suggest this move is an attempt to find a breakthrough amid the company's recent decline in performance.

According to the aviation industry, A-Style has invested approximately 2.1 billion won in Maf & Beyond. Maf & Beyond holds a 100% stake in Sume Air. While Maf & Beyond stated on its website that it “plans to expand its business into a mobility platform company that creates and collects big data related to mobility, starting with the aviation business,” it has yet to show any significant activity beyond Sume Air. For this reason, analysts suggest that this investment by A-Style is likely made with Sume Air in mind.

A-Style is the company behind fashion brands such as 'Polham' and 'Project M.' The largest shareholder of A-Style is Chairman Yeom Tae-soon of Shinsung Tongsang005390 with a 53.27% stake, and the second-largest shareholder is Canaan Co., Ltd. with a 46.56% stake. Canaan Co., Ltd. is also a company where Chairman Yeom Tae-soon is the largest shareholder. Ultimately, the structure is one where Chairman Yeom holds the majority of A-Style's shares.

A-Style is an apparel-specialized company, far removed from being an investment firm. While its business purposes include derivative investment, financial instrument investment, and acquiring/owning shares of other companies to exercise management rights, it has not shown any notable moves as an investor in the past. Neither Chairman Yeom Tae-soon nor A-Style has shown any particular interest in the aviation industry until now.

The fashion industry views this investment as an attempt by A-Style to find a breakthrough. A-Style's recent performance is on a downward trend. According to its audit report, revenue fell 5.07% from 405.6 billion won in the 2024 fiscal year (July 2023 to June 2024) to 385 billion won in the 2025 fiscal year (July 2024 to June 2025). During the same period, operating profit plummeted by 38.64%, from 49.8 billion won to 30.6 billion won.

Shin Joong-hak, a senior researcher at Korea Investors Service, evaluated A-Style by stating, “Margins have deteriorated as the proportion of discount sales increased to secure revenue amid intensifying competition among SPA brands, and corporate profitability has worsened due to increased fixed costs such as rent and commissions from store expansion.” He added, “With continued investment in distribution networks and brands expected in the short to medium term, profitability could decline further due to slowing top-line growth and increased fixed cost burdens.”

A-Style's stake in Maf & Beyond is around 8%. While it is difficult to influence management rights, it is not a negligible amount. In the future, if Maf & Beyond or Sume Air grows significantly or goes public (IPO), A-Style could expect to realize capital gains. However, as Sume Air is a small-scale airline with limitations on long-haul flights, and considering the recent poor performance of Low-Cost Carriers (LCCs), it is difficult to definitively say that the future is bright. Bizhankook contacted A-Style for comment but did not receive a response.

Meanwhile, Sume Air unveiled its first aircraft on the 15th and announced its future operational plans. Choi Yong-deok, CEO of Sume Air, stated, “We plan to obtain an Air Operator Certificate (AOC) through trial flights. The first aircraft is slated for Sacheon, the second to be introduced for Ulsan, and we are planning routes for Sacheon–Jeju, Ulsan–Jeju, and Gimpo–Tsushima.” He added, “Sume Air plans to develop routes centered on small airports with runways under 2,000m to provide diverse options for travelers and business professionals needing same-day travel.”