Examining the current state of the Korean fashion market reveals a triangular axis dominated by food and cosmetics. In the stock market, Samsungyang Foods has benefited from the K-food craze, while APL and Dalba Global have seen their stock prices rise through growth in the beauty industry. However, the fashion sector has remained relatively in a vacuum. Most fashion companies listed on the existing stock market rely primarily on overseas license sales or the manufacturer-developed-production model, limiting their growth as true designer brands. In this vacuum, Piess Piece Studio, preparing for an IPO on the KOSDAQ market, has come into focus. Their brand, famous for floral designs, is known as one of the 'Big Three' of the Korean fashion industry alongside Madam Kim and Marite Francais, and has expressed ambitious plans to leap from the domestic market to become a global fashion house through this initial public offering.
Piess Piece Studio was founded in 2018 by co-founders Park Hwa-mok, a graphic designer, and Lee Soo-hyun, an executive and former luxury buyer at Hansung, his wife. After rapid growth following seed investment from Musinsa Partners in 2021, the organization was further strengthened in 2023 when Seo Seung-wan, the former head of Musinsa Partners, joined as a representative. Revenue for the previous year reached 11.79 billion won, with 25% generated from overseas markets such as Japan and China. This is a very high level considering that overseas revenue for major fashion corporations is around 1-2% and well-known indie brands are around 10%. However, there are concerns about the market valuing the company at 300 billion won, which is lower than the expected 1 trillion won market capitalization, and worries about a slowdown in performance growth.
The two representatives explained this market reaction with their 'direct-to-consumer' strategy. Representative Park Hwa-mok emphasized that for the past two years, they have reduced reliance on major platforms like Musinsa and focused on their own shopping mall. He pointed out that if a company becomes dependent on a platform, only products that sell well are exposed, and the brand image inevitably wears out quickly. Representative Seo Seung-wan also stated that even if marketing costs increase, they must stick to a mall-centric strategy to showcase diverse collections and extend the brand's lifespan. The effectiveness of this strategy is clearly revealed in numbers: the number of members on their own shopping mall surged from 60,000 two years ago to 450,000 today. Piess Piece Studio plans to apply the same strategy in overseas markets such as China, Japan, and Southeast Asia, with particular expectations for the Chinese market.
China has transitioned to direct entry since last year after the termination of license contracts. Although initial market entry was not easy, the two representatives explain this with well-founded confidence. Representative Seo revealed that the fan base is solid, with search volume for the brand on the popular Chinese platform Xiaohongshu reaching 200 million times per month. The second half of this year will see the opening of offline flagship stores in Shanghai and Hangzhou, where they plan to showcase a diverse product lineup as they do in Korea. Piess Piece Studio's ambitious goal is to evolve beyond a simple fashion listed company into a global intellectual property company centered on Mardi Flower. To achieve this, they plan to expand lifestyle categories and hire an overseas creative director, a rare occurrence for domestic fashion companies. Benchmarking on the case where Hyundai Motor hired an Audi designer for globalization, they have presented a vision to leap into a world-class fashion house through collaboration with overseas designers.