KKR Stock Falls 0.76% as Musinsa Eyes $7.2B IPO and $410M Volume Ranks 223rd

On August 18, 2025, KKR (NYSE: KKR) closed down 0.76% with a trading volume of $410 million, ranking 223rd in market activity. The decline came amid news of its portfolio company Musinsa exploring an initial public offering. The Korean fashion retailer, backed by KKR and Wellington Management Group since a 2023 investment of 200 billion won (approximately $142 million), is considering a $7.2 billion valuation for its potential listing by 2026.

Musinsa, which operates South Korea’s leading online fashion platforms including "Musinsa" and "29cm," reported 25% revenue growth to 1.2 trillion won in 2024 and a 2025 Q1 operating profit of 17.6 billion won. Its global store, launched in 2022, achieved 3 million monthly active users by April 2025 with transaction volume growing at a 260% annual rate. The company’s founder Cho Man-ho could see significant wealth creation if the IPO proceeds as projected, though listing details remain pending selection of lead managers.

KKR’s exposure to Musinsa reflects its strategy of investing in high-growth Asian consumer brands. The firm’s 2023 valuation of Musinsa at 3.5 trillion won suggests strong confidence in the company’s scalability, though market reception of the IPO will depend on global fashion sector dynamics and macroeconomic conditions. The potential listing in either Korea or the U.S. could attract institutional attention given the platform’s expanding international user base and profitability trajectory.

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