PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Vivien is pursuing balance-sheet cleanup through a capital reduction while expanding new brands, with quarterly losses narrowing after the widened 2025 deficit.
2025 consolidated revenue came to KRW 222.4 billion, down year over year, with operating profit swinging to a loss of KRW 5.0 billion
Net loss bottomed at KRW 12.5 billion in Q4 2025 before narrowing sequentially through Q1-Q2 2026
The company secured an unqualified audit opinion in March 2026 and pursued a 30-to-1 capital reduction to offset accumulated deficit
Launched new brand 'SANDIES' targeting Millennial and Gen Z daily-wear consumers to diversify the brand portfolio
Governance overhang remains as the Ssangbangwool (now Tri) group works to unwind its cross-shareholding structure
Vivien was founded in 1957 as Namyoung Textile and listed on the KOSPI in 1976, and it operates as Korea's largest specialized women's lingerie company.
The company's main products are women's foundation wear, lingerie, and stockings, and it runs multiple brands including Vivien, Barbara, BBM, Gentop, Soovivien, Drorr, Rosebud, and Pandora.
Its subsidiaries include Qingdao Nannan and Qingdao Namcheon, which produce stockings and covering yarn, along with Namyoung Nylon, Femimode, and Company It.
In October 2025 the company launched a new daily-wear brand, SANDIES, aimed at Millennial and Gen Z consumers, extending its category beyond traditional foundation wear into basewear. Distribution runs through both its own online mall and department store or outlet locations.
The largest shareholder changed to Ssangbangwool (now renamed Tri) in early 2025, positioning Vivien within a cross-shareholding chain originating from Ssangbangwool's own controlling shareholder, World Prime Development.
The competitive landscape is a mature market with both large domestic innerwear brands and licensed foreign brands. The company also runs a licensing business that introduces exclusive foreign brands into the domestic market.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩80.5B | ₩2.3B | 2.9% |
| 2025Q3 | ₩56B | -₩2.1B | −3.8% |
| 2025Q4 | ₩28.8B | -₩6.9B | −24.1% |
| 2026Q1 | ₩49.6B | -₩2.1B | −4.3% |
| 2026Q2 | ₩69.8B | -₩67,912,889 | −0.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩213.1B | ₩5.7B | -₩8B | 2.7% | −8.4% | 108.2% |
| 2023 | ₩217.3B | ₩4.9B | -₩7.8B | 2.2% | −8.8% | 116.5% |
| 2024 | ₩235.2B | ₩1.7B | -₩1B | 0.7% | −1.2% | 114.0% |
| 2025 | ₩222.4B | -₩5B | -₩15.3B | −2.2% | −18.6% | 145.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Annual revenue rose from KRW 213.1 billion in 2022 to KRW 217.3 billion in 2023 and KRW 235.2 billion in 2024, before declining again to KRW 222.4 billion in 2025. Operating margin gradually eroded from 2.7% in 2022 to 2.2% in 2023 and 0.7% in 2024, before turning negative at -2.2% in 2025.
Net income attributable to owners remained in the red throughout 2022-2024, narrowing to a loss of roughly KRW 1.0 billion in 2024, before widening sharply again to a loss of about KRW 15.3 billion in 2025.
On a quarterly basis, Q2 2025 was relatively solid with revenue of KRW 80.5 billion, operating profit of KRW 2.3 billion, and net profit of KRW 3.5 billion, but from Q3 revenue fell to KRW 56.0 billion and operating income turned negative at roughly negative KRW 2.1 billion.
Q4 2025 saw revenue plunge further to KRW 28.8 billion, with the year's worst results of an operating loss of about KRW 6.9 billion and a net loss of about KRW 12.5 billion.
Entering 2026, Q1 posted revenue of KRW 49.6 billion with an operating loss of about KRW 2.1 billion and a net loss of about KRW 4.5 billion, before Q2 revenue recovered to KRW 69.8 billion and the operating loss narrowed to under KRW 100 million, approaching breakeven.
Still, the Q2 net loss remained at roughly KRW 2.4 billion. Summing the most recent four quarters (Q3 2025 through Q2 2026), the owner net loss totals around KRW 24.0 billion, indicating the company remains in a loss-making position on a rolling annual basis.
The domestic women's innerwear market has entered a mature, saturated phase, with weakened overall demand compounded by a sluggish domestic economy.
As a labor-intensive industry, production costs such as labor expenses continue to rise, and a multi-item, small-batch production structure is cited as a factor that adds to cost burdens.
These structural pressures are shared broadly across traditional domestic innerwear makers, not just Vivien, and are linked to an industry-wide slowdown in profitability.
On the other hand, the daily-wear and basewear categories sold through online channels have shown relatively stronger growth, prompting even traditional brands to respond with new product lines. Vivien is addressing this shift through a new brand built on more than 60 years of accumulated innerwear design know-how.
Competitively, the market is split between large established innerwear brands and newer online-native brands, putting growing pressure on traditional, store-heavy incumbents to streamline their distribution channels.
Management has designated 2026 as the year for an earnings turnaround, prioritizing expansion of higher-margin product lines, streamlining of online distribution channels, and establishing a stable profit structure for its new business portfolio.
In March 2026 the company secured an unqualified audit opinion from Jeongdong Accounting Corporation, and on that basis pursued a 30-to-1 capital reduction to clear accumulated deficits, which was approved at the March annual general meeting with new shares listed on May 6.
The company stated that once financial soundness is secured, capacity for new investment and fundraising would expand, accelerating growth initiatives currently underway.
The new brand SANDIES is expanding its lineup under the 2026 keyword "Next Standard" and pursuing content collaborations to broaden the brand experience. The CEO stated that, following the balance-sheet cleanup, the company would prioritize a performance-based shareholder return policy going forward.
Whether these plans translate into actual revenue growth or a profitability recovery remains something to be confirmed through upcoming quarterly results.
With net losses persisting, a conventional price-to-earnings ratio cannot be meaningfully calculated at this time. The share price trades at a discount to net asset value, reflecting both recent years of weak earnings and an ongoing process of rebuilding market confidence following the capital reduction.
The company currently pays no dividend, limiting the relevance of a dividend-yield-based approach.
Because the share count and price structure were reorganized through the March 2026 capital reduction and subsequent new-share listing, direct comparison with historical valuation bands is less meaningful than tracking how the valuation reforms as future quarterly results come in.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-04
After bottoming with an operating loss of KRW 6.9 billion and net loss of KRW 12.5 billion in Q4 2025, loss size narrowed for two straight quarters into 2026. Notably, the Q2 2026 operating loss shrank to under KRW 100 million, nearing breakeven. Revenue also recovered to KRW 69.8 billion in Q2, up from Q1. Whether this improvement continues needs to be confirmed in coming quarterly results.
The company secured an unqualified audit opinion in March 2026, easing some governance transparency concerns. It followed with a 30-to-1 capital reduction to clear accumulated deficits and optimize its financial structure.
Management stated that once financial soundness is secured, capacity for new investment and fundraising would expand. Still, a capital reduction itself does not immediately enhance shareholder value, a point that should be weighed alongside the stated benefits.
The new brand SANDIES was launched to target the Millennial and Gen Z daily-wear market beyond traditional foundation wear. The company positioned decades of innerwear design know-how combined with fusing technology to create a seamless structure as a key product differentiator.
In 2026 the brand is continuing lineup expansion and content collaborations under the keyword 'Next Standard.' How much this new category expansion contributes to revenue recovery remains to be confirmed through future results.
The domestic women's innerwear market has entered a saturated phase, and a sluggish domestic economy is deepening demand softness. Production costs continue to rise given the industry's labor-intensive nature, and a multi-item, small-batch production structure is cited as adding to cost burdens. These structural factors are not the kind that can be resolved quickly.
2025 revenue declined from the prior year, and operating margin turned negative at -2.2%. Owner net loss also widened sharply to about KRW 15.3 billion versus the prior year. Losses have continued through the first half of 2026, meaning a full return to profitability has not yet been achieved.
Vivien's largest shareholder is Ssangbangwool (now Tri), which sits within a complex cross-shareholding chain topped by World Prime Development. The group has stated plans to sequentially untangle cross-shareholdings among affiliates, but the pace and final form remain uncertain.
How minority shareholder interests are addressed during this governance restructuring remains something to watch.
Even after the largest shareholder changed to the Ssangbangwool (now Tri) affiliate, the cross-shareholding structure topped by World Prime Development has not been fully resolved. There is a possibility of unexpected fund flows or decision-making shifts during the process of untangling affiliate cross-holdings. Minority shareholders need to continue monitoring the direction of group-level restructuring.
While innerwear is a necessity category, brand switching and new product purchases carry discretionary spending characteristics. If the domestic economic slowdown persists, the pace of executing the higher-margin product expansion strategy could slow.
Initial expansion costs for the online-focused new brand could also delay the timing of a profitability recovery.
Following the capital reduction, the total number of outstanding shares was significantly reduced, leaving a limited free float.
Given that concerns over tightened delisting requirements for low-priced stocks have previously surfaced, it is worth monitoring any future regulatory changes or shifts in market attention tied to the share price. As a thinly traded small-cap stock, short-term price volatility could be elevated.
The Q3 2026 earnings release should be checked to see whether the Q2 improvement trend continues, particularly whether operating income turns positive.
Watch for additional disclosures or IR materials on SANDIES' lineup expansion and its contribution to revenue.
Confirm whether the company discloses concrete plans for the 'performance-based shareholder return policy' it has referenced.
Monitor progress on the Ssangbangwool (Tri) group's unwinding of affiliate cross-shareholdings and any further disclosures related to Vivien's ownership.
Vivien experienced clear earnings deterioration in 2025, with declining revenue, an operating loss, and a widened owner net loss, but it has shown a trend of narrowing losses for two consecutive quarters into 2026 after bottoming in Q4 2025.
The company advanced a balance-sheet restructuring by securing an unqualified audit opinion and executing a 30-to-1 capital reduction to clear accumulated deficits, and on that basis is pursuing expansion of higher-margin products along with category diversification through the new brand SANDIES.
Still, structural industry headwinds from a saturated women's innerwear market and weak domestic consumption remain valid, and governance uncertainty tied to the Ssangbangwool (Tri) group's cross-shareholding structure persists.
The share price trades at a discount to net asset value, and the company currently pays no dividend.
Whether operating income turns positive, how much the new brand contributes to revenue, and whether a shareholder return policy becomes concrete in upcoming quarters will likely be key variables for gauging the company's future direction.
Report written 2026-09-05 · Data as of 2026-09-04
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