South Korean fashion retailer Musinsa has filed for a preliminary review by the Korea Exchange as it advances towards a listing on the Kospi main board.

A Musinsa spokesperson confirmed to Bloomberg that the company, backed by US investment company KKR, submitted the filing on 7 September.

The retailer could pursue a valuation as high as Won10tn ($7.42bn), sources cited in the report said, a figure that would rank it among South Korea's largest initial public offerings (IPOs) in recent years.

Musinsa has previously indicated it plans to go public in late 2026 or early 2027.

The company posted revenue exceeding Won5tn in the last year.

Musinsa co-chief executive officer Nam Cho told Bloomberg in a July interview that the company is targeting Won3tn in overseas sales by 2030, with China expected to contribute a third of that figure.

Established in 2001 as a streetwear website, Musinsa has expanded into a global fashion platform.

The company runs two online fashion marketplaces in South Korea—“Musinsa” and the women's-focused "29cm"—both of which are said to attract millions of active users each month.

According to the report, a successful IPO would provide relief to South Korea's primary listings market, which has seen a slowdown this year.

First-time listings in Seoul brought in just over $1bn in 2026, Bloomberg-compiled data shows, down from more than $3bn in each of the three preceding years.

Last month, Musinsa signed an exclusive distribution deal with ACX Holdings, the distribution arm of the Philippines' Ayala Group, marking its entry into the country's offline retail market.

Under the agreement, Musinsa is set to open its first Musinsa Standard store in the Philippines at Glorietta Mall in Makati, Manila, later this year, extending its physical presence into major commercial districts of the capital.