Korea's plus-size fashion mall 09Women readies for 2022 IPO
Ye-jin Jun
Sep 06, 2021 (Gmt+09:00)
The successful initial public offering of California-based plus-size fashion company Torrid Holdings Inc. has drawn attention to 09Women Co., a South Korean plus-size women’s fashion platform that is also pushing for an IPO.
According to the investment banking industry on Sept. 1, 09Women has filed for a preliminary review to the Korea Exchange for a Kosdaq listing. The company aims to get approval by end of the year and list at the beginning of next year, which would mark the first time a fashion shopping mall forewent a backdoor listing and went straight for an official listing.
In 2002, the company was set up with just 3 million won ($2,595) by Kim Joo-young, who was then 26. He had no fashion-related experience, but he was confident that a plus-size fashion platform for twenty- and thirtysomethings would be a huge hit.
Kim ventured into the plus-size fashion business after noticing that it was hard to find clothes above size medium for women in their 20s and 30s, whereas large and extra-large sizes were readily available for older women.
CEO Kim began to visit wholesalers in Korea’s fashion mecca Dongdaemun to make plus-size apparel, but he was rejected multiple times due to concerns that there wouldn’t be enough demand to justify the high production costs.
The concerns didn't deter Kim, however, as he was sure that a market for plus-size fashion existed. In November 2006, he set up an official company and named it 09Women, stating that the company would cater to all sizes. Kim then launched a shopping mall and began his journey to sell plus-size fashion.
Initially, 09Women struggled and was on the brink of bankruptcy due to the financial crisis of 2008. But gradually, the company started logging strong growth as it spread via word of mouth that 09Women offered a wide range of sizes and designs, allowing larger women to shop for clothes without the usual disappointment of not finding choice in their sizes.
Aug 31, 2021 (Gmt+09:00)
Aug 24, 2021 (Gmt+09:00)
Aug 04, 2021 (Gmt+09:00)
May 20, 2021 (Gmt+09:00)
May 10, 2021 (Gmt+09:00)
Apr 08, 2021 (Gmt+09:00)
Apr 01, 2021 (Gmt+09:00)