PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩80 per share · Prices as of the 2026-10-02 close
Revenue has declined for four straight years, but profit has recovered past a seasonal loss, and the company is seeking a turnaround through new channels such as curated retail and an overseas brand license.
2025 consolidated revenue was KRW 240.5bn, down for a fourth straight year from KRW 319.3bn in 2022
Operating margin narrowed from 9.5% in 2022 to 2.9% in 2025, though the company stayed profitable every year
The company posted its only operating and net loss in Q3 2025, then returned to profit through Q2 2026
The company is diversifying channels via the expanded Boundary curated store and a China license/exclusive distribution deal for the MOJO brand
The company has maintained annual cash dividends, with a stable balance sheet marked by a low debt ratio in the low-teens percent range
Daehyun began its womenswear business in 1977 under the Pepe brand, incorporated in 1982, and listed on the KOSPI market in 1990. Its core brands are CC Collect, JUKE, MOJO (formerly Mojo Espin), and DEW L, covering women's character-casual and contemporary apparel.
Sales channels comprise roughly 370-plus offline points including department stores, franchise stores and outlet stores, alongside the company's own online mall Daehyun Inside and third-party open markets.
In 2020 the company built an integrated online mall, Daehyun Inside, designed to evoke a department-store and outlet shopping experience. In 2025 it expanded its existing online overseas curated shop Archive 2253 into an online-offline curated store called Boundary, broadening into street-culture curation.
The MOJO brand is pursuing overseas expansion through a China licensing and exclusive distribution agreement, and the company has cited outlet channel expansion and stronger online distribution as parallel profitability initiatives.
The competitive landscape is one in which large domestic fashion conglomerates are expanding imports of overseas luxury brands while online-grown designer brands move into offline stores, eroding the domestic market share of mid-sized womenswear players.
Against this backdrop, Daehyun is defending its character-casual brand positioning while diversifying its channel and brand portfolio.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩52.9B | ₩1.1B | 2.0% |
| 2025Q3 | ₩46.8B | -₩2B | −4.3% |
| 2025Q4 | ₩77.7B | ₩6.9B | 8.9% |
| 2026Q1 | ₩65.8B | ₩3.6B | 5.4% |
| 2026Q2 | ₩54.1B | ₩1.8B | 3.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩319.3B | ₩30.2B | ₩25.4B | 9.5% | 10.5% | 22.7% |
| 2023 | ₩295.3B | ₩21.3B | ₩23.3B | 7.2% | 8.9% | 18.8% |
| 2024 | ₩259.3B | ₩14.4B | ₩15.9B | 5.5% | 5.9% | 13.3% |
| 2025 | ₩240.5B | ₩7.1B | ₩11B | 2.9% | 4.0% | 13.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Consolidated revenue in 2025 was KRW 240.5bn, marking a fourth consecutive annual decline from KRW 319.3bn in 2022. Over the same period, operating margin steadily narrowed from 9.5% (2022) to 7.2% (2023), 5.5% (2024) and 2.9% (2025), though the company remained operating-profitable in all four years.
Net income attributable to owners also fell from KRW 25.4bn in 2022 to KRW 11.0bn in 2025, but never turned negative on an annual basis. Quarterly results show clear seasonality.
Revenue fell to KRW 46.8bn in Q3 2025, producing an operating loss of KRW 1.99bn and a net loss of KRW 0.46bn — the only loss-making quarter in the observed window. Revenue then rebounded sharply to KRW 77.7bn in Q4 2025, with operating profit of KRW 6.94bn and net profit of KRW 7.07bn.
Profitability continued into Q1 2026 (revenue KRW 65.8bn, operating profit KRW 3.57bn, net profit KRW 3.86bn) and Q2 2026 (revenue KRW 54.1bn, operating profit KRW 1.83bn, net profit KRW 2.63bn), with Q2 2026 improving year-on-year against Q2 2025's operating profit of KRW 1.07bn and net profit of KRW 2.02bn.
Over the trailing four quarters (Q3 2025 through Q2 2026), combined revenue was KRW 244.4bn and net income attributable to owners was KRW 13.1bn, while operating cash flow rose to KRW 26.1bn in 2025 from KRW 15.7bn in 2024, though still below the KRW 35.9bn recorded in 2023.
Domestic fashion consumption varies markedly by channel. According to Korea's Ministry of Trade, Industry and Energy, combined sales of the three major department store operators—Lotte, Shinsegae and Hyundai Department Store—rose 20.1% year-on-year in the first half of this year.
Buoyed by department store strength, overall offline retailer sales growth in the first half also turned positive at 6.2%, reversing from -0.5% a year earlier.
This is a favorable backdrop for Daehyun's core department store and outlet channels, but the same spaces are simultaneously seeing expanded imports of overseas luxury brands. The fashion industry is heavily reliant on domestic demand, making consumption sensitive to changes in disposable income.
As large domestic fashion conglomerates expand imports of overseas luxury brands and online-grown designer brands move into offline stores, the domestic market share of mid-sized womenswear players such as Daehyun is being eroded amid intensifying competition.
Against this backdrop, Daehyun is maintaining its character-casual brand positioning while diversifying through curated retail and overseas licensing channels.
MOJO unveiled its 2026 Summer collection, continuing seasonal campaigns following its brand renewal.
The company has positioned overseas expansion via a China license and exclusive distribution agreement for MOJO, together with the expansion of the online-offline curated store Boundary, as pillars of channel diversification.
Outlet channel expansion and stronger online distribution are being pursued in parallel as profitability initiatives. A key point to watch is whether the profitable run from Q4 2025 through Q2 2026, which followed the seasonal loss in Q3 2025, continues into the second half.
However, no specific revenue targets or quantified store-opening plans have been confirmed as official guidance, and the timing and scale of any actual revenue contribution from the curated-store and overseas licensing businesses will need to be confirmed through future disclosures.
On the competitive front, favorable department-store sales momentum and the pressure from expanding luxury imports and online designer brands moving offline are both in play, and the balance between these two forces is likely to continue shaping results.
The current share price trades below the company's book value per share, placing it in a discounted range relative to net asset value.
Despite the profit recovery over the trailing four quarters, the earnings-based price multiple appears lower than during the company's earlier expansion phase, when operating margins were in the double digits.
The dividend policy has maintained annual cash payouts, and the dividend yield is understood to run above the sector average. That said, the stock's classification as a small-cap name on KOSPI, with a relatively small market capitalization, means trading liquidity and price volatility can be comparatively elevated.
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 2026-08-21
Following the seasonal loss in Q3 2025, the company posted operating and net profit for four consecutive quarters through Q2 2026. Q2 2026 operating and net profit both improved year-on-year versus Q2 2025.
Operating cash flow also rose to KRW 26.1bn in 2025 from the prior year, indicating cash generation held up alongside the profit recovery.
The company expanded its existing online overseas curated shop into the integrated online-offline store Boundary, opening a new street-culture curation channel. Outlet expansion and stronger online distribution are being pursued in parallel as profitability initiatives. The MOJO brand continues seasonal campaigns, sustaining the effect of its earlier brand renewal.
The company is pursuing overseas expansion through a China license and exclusive distribution agreement for MOJO, offering potential to offset stagnant domestic growth. The debt ratio has stayed low, moving from 22.7% in 2022 to 13.5% in 2025, and the company has continued its annual cash dividend policy.
Consolidated revenue declined every year from KRW 319.3bn in 2022 to KRW 240.5bn in 2025. With the top-line contraction persisting over a multi-year period, whether new channels can offset the decline remains an open question.
Operating margin fell from 9.5% in 2022 to 2.9% in 2025. In Q3 2025 the company posted an operating loss of KRW 1.99bn and a net loss of KRW 0.46bn, the only loss-making quarter in the observed window, so the possibility of a repeat seasonal loss cannot be ruled out.
Pressure from intensifying competition continues, as large domestic fashion conglomerates expand imports of overseas luxury brands and online-grown designer brands move into offline stores, eroding the domestic market share of mid-sized womenswear players.
The fashion industry is heavily dependent on domestic demand, meaning consumption can contract sharply when consumer disposable income declines. In a slowing macro environment, sales of mid-sized casual brands may react more sensitively than those of larger brands.
As large fashion conglomerates expand luxury brand imports and online designer brands simultaneously move offline, store traffic and sales erosion for mid-sized womenswear operators may persist.
Given the recently confirmed pattern of structurally weaker Q3 results relative to Q4 and Q1, repeated seasonal inventory adjustments or sales softness could increase annual earnings volatility.
Q3 2026 results are expected to be disclosed. Since Q3 2025 was the only loss-making quarter, it is worth checking whether the seasonal loss pattern repeats.
A point to check the extent of outlet and online peak-season revenue recovery, and whether the sharp rebound seen in Q4 2025 recurs.
Details on the progress of the MOJO brand's China license and exclusive distribution agreement, and the timing of any actual revenue contribution, warrant confirmation.
The timing of the 2026 fiscal year-end dividend announcement, which will show whether the annual cash dividend policy continues.
Daehyun has shown signs of profit recovery, posting four consecutive profitable quarters following the seasonal loss in Q3 2025, even amid structural pressure from four straight years of revenue decline and margin compression.
The expansion of the Boundary curated store and the China license agreement for the MOJO brand are presented as new channels to offset stagnant domestic growth, though the timing and scale of their revenue contribution have not yet been confirmed through disclosure.
The industry backdrop combines favorable department-store sales momentum with competitive pressure from large conglomerates expanding luxury imports and online designer brands moving offline.
A low debt ratio, steady cash generation, and a consistently maintained annual dividend policy stand out as positive factors for financial stability. On the other hand, four consecutive years of top-line contraction and the possibility of a repeat seasonal loss in Q3 warrant attention.
Q3 and Q4 2026 results, along with the actual revenue contribution from new channels, will likely form the basis for the next assessment.
Report written 2026-09-05 · Data as of 2026-09-04
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