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Musinsa Files Mass Trademark Applications for Pet and F&B… Seeking to Boost Its Valuation?

[비즈한국] Musinsa, Korea's largest fashion platform, is drawing attention with a recent surge in trademark applications. Especially with an initial public offering (IPO) on the horizon, the company appears to be expanding its business footprint beyond fashion into lifestyle sectors like pet products and home living. Industry insiders suggest that Musinsa may be proactively scaling up its operations to secure a valuation of '10 trillion won' ahead of its listing.

Applications Filed Across Five Categories: Pets, F&B, Leisure, Lifestyle, and Spaces

According to Bizhankook's reporting, Musinsa filed a series of new trademark applications with the Korean Intellectual Property Office on the 19th, utilizing its private brand (PB) 'Musinsa Standard.' Musinsa filed over 30 trademarks that day, including 'Musinsa Standard PAW,' 'Musinsa Standard Table,' 'Musinsa Standard Field,' and 'Musinsa Standard Fresh.'

The filed trademarks are broadly categorized into five areas: pets, food and beverage (F&B), leisure/outdoor, lifestyle services, and spaces/accommodation. It appears that the company is expanding its business into the broader lifestyle sector, moving beyond the fashion and beauty categories it has focused on thus far.

The pet business is particularly eye-catching. By filing trademarks for names like 'PAW' (referring to animal paws), 'Pet,' and 'Companion' all at once, Musinsa has signaled its intent to enter the pet market. Speculation is growing that Musinsa is preparing to dive into the 'pet economy,' which is currently gaining traction as a new growth engine in the fashion industry.

A shift toward expanding into the F&B sector is also evident. Musinsa filed for trademarks such as 'Deli' and 'Fresh.' The company has previously operated cafes within its complex cultural spaces like 'Musinsa Terrace' in Seongsu and Hongdae. While those existing terrace cafes were primarily auxiliary facilities for shopping customers, these new trademark applications suggest the potential for a full-fledged entry into the food business. The possibility of distributing various food lines under the 'Musinsa Standard' name through both online and offline channels has also increased.

Musinsa explained that there are no immediate, concrete plans for business expansion. A Musinsa representative stated, "We filed these trademark applications as a proactive measure to secure our rights," adding, "The launch timing or specific forms of any new services have not yet been determined."

Musinsa has historically used trademark filings as a signal for entering new businesses. Last September, the company filed a trademark for 'Musinsa Standard Eyewear' in Korean, and at the end of last month, it filed for the English trademarks 'musinsa standard eyewear' and 'musinsa standard glasses.' This is because it plans to launch new eyewear products, such as glasses and sunglasses, this summer season.

Of course, not every trademark filing leads to immediate commercialization. Last year, Musinsa drew significant attention by filing for trademarks like 'Musinsa Standard Flower' and 'Musinsa Standard Hotel,' but no services or stores under those names have appeared yet. The Musinsa representative explained, "The trademarks filed last year were also a form of proactive filing."

Aiming for a '10 Trillion Won' Valuation? Aggressive Expansion Ahead of IPO

Starting as a shoe community in 2001, Musinsa has grown into Korea's largest fashion platform and is now seeking to expand into a variety of businesses beyond fashion. In 2022, it took its first step into the cosmetics market by launching its private brand 'Musinsa Standard Beauty,' and in the following year, it solidified its market position by introducing additional beauty brands like 'Odd Type.' Recently, it has been expanding its brand portfolio to include kids' and sports apparel.

The company has also been aggressive in expanding its offline stores. The number of Musinsa Standard stores has increased from 16 in 2024 to 37 currently. The Musinsa Standard Starfield Village Unjeong branch opened in late January, and branches in Hyundai Department Store Mok-dong and Shinsegae Premium Outlet Paju are scheduled to open in February. A Musinsa representative stated, "We opened over 10 new stores last year and are preparing for a similar level of new openings this year."

Industry experts interpret Musinsa's aggressive business expansion as a strategy to 'boost its valuation' ahead of its upcoming IPO. This is because there are limits to proving growth potential as an online fashion platform alone. The domestic online fashion market is considered to be reaching a saturation point, and the influx of new customers has slowed. Although Musinsa has already secured a dominant No. 1 position in the market, the prevailing observation is that growth solely within the fashion platform will soon hit a ceiling.

Last December, Musinsa selected Korea Investment & Securities and KB Securities as domestic lead underwriters, and Citi Global Markets and JP Morgan as overseas underwriters, to proceed with the IPO process. Musinsa's target corporate valuation is reportedly around 10 trillion won.

While some initially speculated about a potential listing in the first half of this year, the weight of opinion has shifted toward the view that an H1 listing is effectively difficult, given market conditions and the pace of internal preparations. A Musinsa representative explained, "There is no official schedule set regarding the IPO."