"We will establish ourselves as a fashion brand operator like Ralph Lauren in the United States, famous for its "Polo" logo."
Chief Executive Officer Seo Seung-wan of Piece Piece Studio Co., Ltd. attended an initial public offering (IPO) press briefing at Fairmont Ambassador Seoul in Yeouido on the 18th and said, "The floral logo of the designer brand 'Mardi Mercredi,' launched in 2018, has become a signature brand representing a new generation."
Piece Piece Studio Co., Ltd., a K-fashion brand operator known for Mardi Mercredi, is on the verge of listing on the KOSDAQ market. It submitted a securities registration statement to the Financial Services Commission last month, made two amendments, and began book-building for institutional investors on the 14th. If all goes as planned, it will list on the KOSDAQ market in early next month.
Seo said, "Ralph Lauren has built a diverse lineup of brands and became a 60-year fashion corporation this year," adding, "Piece Piece Studio Co., Ltd. has already expanded from women-centered apparel to kids and footwear, and we will continue to add brands to become Korea's Ralph Lauren."
After listing, its market capitalization is estimated at 269.3 billion to 304.8 billion won. As Mardi Mercredi, fronted by its floral graphic logo, gained popularity at home and abroad, the company's valuation was discussed at over 1 trillion won when underwriter selection began in 2024; compared with that, the valuation has fallen by as much as one-quarter.
Peak-out concerns fueled the valuation decline. Although last year's consolidation-based revenue came in at 117.9 billion won, up 3.6% on-year, operating profit fell 41% to 16.7 billion won. Growth in scale has also stalled this year. First-quarter revenue was 23.4 billion won, down about 30% from a year earlier.
The company says the setback is temporary, stemming from a shift in its China entry strategy. Seo said, "We ended our license agreement and pivoted to a direct entry via a local subsidiary," adding, "During this process, our partner's inventory was sold at a discount for a short period from Nov. 1 last year to Apr. 30 this year."
He continued, "Some of the volume was released through resale not only in Korea but also in Southeast Asia, which caused sales of full-price products to slow," adding, "Inventory depletion is now nearly complete, and we will move to improve results by disposing of some inventory."
Seo emphasized that direct entry into the Chinese market will be the key driver of long-term top-line growth. He said, "Total sales in China grew from 1.1 billion won in 2022 to about 88.6 billion won in 2025," adding, "By directly controlling quality and other factors, we will generate 100 billion won in China alone in 2028."
Piece Piece Studio Co., Ltd. also plans Ralph Lauren-style growth beyond apparel to eyewear and fragrance. It will immediately expand its lineup from T-shirts to higher-priced items such as knits and coats, and broaden categories by applying its core floral-logo IP to smartphone accessories, stationery, and more.
Seo said, "There have been many domestic listings of fashion brand operators, but all were global brand licensees, and Piece Piece Studio Co., Ltd. is the first fashion corporation with its own IP to list," adding, "We will use the credibility of a listed company to speed up recruiting global designers and acquiring brands."