EQT Partners is in final-stage talks to acquire a minority stake in South Korean fashion platform Musinsa, in a secondary transaction valued at approximately KRW 20bn ($14.5m), according to local reports.

The deal, led by EQT’s Hong Kong-based Gross Investment Division, involves purchasing shares from early domestic venture capital investors, as Musinsa is not currently issuing new equity. The move underscores EQT’s growing interest in high-growth digital consumer platforms in Asia, particularly in the lead-up to Musinsa’s anticipated IPO.

Musinsa, which owns brands including Sheilas’ Wheels and First Alternative, achieved KRW 1.24tn ($915m) in revenue in 2024, its first year surpassing the KRW 1tn mark. The company also posted KRW 102.8bn ($76m) in operating profit and KRW 69.8bn ($51m) in net income—marking a turnaround from previous losses.

The investment follows a KRW 200bn Series C round in 2023, led by KKR and Wellington Management, which valued Musinsa in the mid-KRW 3tn range (approx. $2.2bn). With profitability in place and a fast-growing user base, Musinsa is expected to distribute an RFP for IPO advisers shortly. The Financial Supervisory Service has already appointed Anjin Accounting Corporation as its external auditor.

This investment would mark EQT’s first direct entry into South Korea’s fashion-tech sector and comes amid intensifying private equity interest in Asia’s consumer digital platforms ahead of planned listings.

Source: Maeil Business Newspaper