EQT, Europe’s largest private equity firm, is set to invest up to KRW30bn ($21m) in Musinsa, a South Korean fashion tech unicorn backed by KKR and Wellington Management, according to a report by the Korea Economic Daily citing local investment banking sources.
The deal, led by EQT Growth out of the firm’s Hong Kong office, is expected to value Musinsa at approximately KRW4tn, representing a roughly 15% increase over the KRW3.5tn valuation from its 2023 Series C round, when KKR and Wellington jointly injected KRW240bn.
EQT is reportedly acquiring shares from early-stage Korean investors and is said to be evaluating a potential follow-on investment post-deal, sources added.
Founded in 2001, Musinsa has evolved from a fashion community website into one of Asia’s leading online fashion platforms. The company reported KRW1tn in revenue and an operating profit of KRW102.8bn in 2024 — a major milestone ahead of its anticipated IPO, which could begin as early as this year with a lead underwriter appointment underway.
The upcoming investment reinforces EQT’s strategic expansion in South Korea, following the launch of its Seoul office in 2023. The Swedish firm, which manages €269bn in assets across 50 active funds as of December 2024, has been active in the region since 2009.
Recent Korean investments by EQT include the KRW1tn acquisition of KJ Environment and related affiliates to build a waste treatment platform, as well as stakes in SK Shieldus, a security services company, and SecuLayer, a cybersecurity firm.
