PER, PBR and dividend yield are calculated from the latest confirmed results (EPS, BPS, dividend per share) and the current share price · Prices as of the 2026-11-06 close
Eastend booked an operating loss of KRW 8.92 billion in 2025 after restructuring its sales channels, and while first-half 2026 revenue rebounded, a return to operating profit has not yet been confirmed.
In 2025, Eastend reported revenue of KRW 26.8 billion and an operating loss of KRW 8.9 billion. The operating loss equaled about 33.3% of revenue.
First-half 2026 revenue was KRW 17.82 billion, up 43.24% from a year earlier.
Gross margin rose from 48.65% in the first half of 2025 to 57.92% in the first half of 2026. Even so, a swing to operating profit remains an open task.
The listing reference price was KRW 10,620, with Kyobo Securities as the designated adviser. No shares traded in the regular session on the first day of listing.
The company says it intends to build transparency and disclosure capability through KONEX and pursue a KOSDAQ transfer listing over the medium to long term.
Eastend, founded in 2016, is a multi-brand direct-to-consumer company that plans and develops its own brands. Its brands are the women's urban casual label CITYBREEZE, the contemporary label ARTID, and the basic cosmetics label B'note.
The company is headquartered in Seongdong-gu, Seoul, and is classified as a fashion distribution business. The market classification shows media and entertainment, but the confirmed business description contains no entertainment segment.
No verified brand-level revenue split is available, so the mix is described only qualitatively. The company says it is extending these brands to department stores and other major distribution channels nationwide. In 2025 it cut its online sales outlets from 12 to 3 and ran discount sales of long-aged inventory.
The largest shareholder is CEO Dong-jin Kim, with a 38.5% stake. Its competitive set overlaps with brands sold on fashion platforms such as Musinsa, Ably, Zigzag and 29CM, and with other own-brand operators, and its business is distinct from entertainment-sector listed companies such as Hybe and SM Entertainment.
Revenue rose from KRW 14.7 billion in 2022 to KRW 19.8 billion in 2023 and KRW 30.0 billion in 2024, then fell to KRW 26.8 billion in 2025. Operating profit was KRW 297 million in 2023 and KRW 772 million in 2024, but the company swung to an operating loss of KRW 8.92 billion in 2025.
On the figures published by the exchange, the 2025 operating loss was KRW 8.922 billion and the net loss was KRW 9.267 billion. Revenue in 2025 fell 10.67% from the prior year. Operating cash flow in 2025 was an outflow of KRW 4.04 billion, and cash at the end of 2025 was KRW 130 million.
Equity in 2025 was reported at KRW 4.601 billion. After normalizing online sales channels in January 2026, first-half revenue reached KRW 17.82 billion, up 43.24% year on year. First-half gross margin moved close to the full-year 2024 level of about 61.5%. First-half 2026 operating profit or loss is not covered in verified sources and is therefore not stated.
The listing reference price was KRW 10,620, with Kyobo Securities as designated adviser. No trades occurred in the regular session on the first listing day, October 26, 2026. As of 12:10 KST on November 3, 2026, the quoted price was KRW 10,620, unchanged from the prior close, with trading value of KRW 0.
Market capitalization is shown as KRW 22.8 billion. Gaia Venture Partners and two related parties newly reported holding 319,500 shares. Their combined stake is 6.65%, and the stated purpose is simple investment. Because trading has not formed, the quoted price is hard to read as the result of market price discovery.
According to the national data agency, online fashion transactions from January to July 2026 reached KRW 35.17 trillion, up 6.4% year on year. Some observers worry about stagnation in online fashion as experiential spending regains weight.
In the same statistics, online cosmetics transactions from January to August 2026 were KRW 10.38 trillion, up 13.4%. On fashion platforms, customers who first buy fashion items are increasingly extending purchases into cosmetics.
That pattern is consistent with Eastend's mix of fashion and cosmetics brands, but the effect on the company's own sales is not confirmed in available sources. An Opensurvey study found that the women's market is fragmented across platforms by age and taste.
In such a structure, brand identity and channel efficiency are likely to shape profitability.
Room for operating margin improvement depends on recovering gross margin and controlling selling and administrative expenses, and the basis for judgment stays limited until full-year 2026 operating results appear in periodic disclosures after listing.
First-half 2026 revenue rose 43.24% year on year. Gross margin over the same period rose 9.27 percentage points to 57.92%. If the 2025 channel cuts and inventory discounts were one-off factors, the data can be read as scale and margin normalizing together.
Online cosmetics transactions from January to August 2026 grew 13.4% year on year. The number of beauty buyers on Queenit rose about 45% in the first half of 2026. The flow of fashion customers into beauty may offer cross-selling opportunities for operators that hold both apparel and basic cosmetics brands.
The company plans to raise external credibility and build disclosure capability through the KONEX listing. Gaia Venture Partners and its related parties reported a combined 6.65% holding following the listing.
Listing can be a precondition for widening funding options later, but no actual fundraising plan has been confirmed.
The 2025 operating loss reached about one-third of revenue, and profitability improvement after listing was flagged as the key point to watch. Cash at the end of 2025 was only KRW 130 million, and operating cash flow was an outflow of KRW 4.04 billion. Equity was reported at KRW 4.601 billion, which leaves limited capacity to absorb losses.
Reports note that turning to an operating profit remains a task. No verified data show whether the first-half 2026 gross margin gain translated into better operating profit. If selling and administrative expenses grow alongside sales, the improvement in earnings may be limited.
No shares traded in the regular session on the first listing day. There was still no volume as of 1:55 p.m. on the second day, October 27. Trading value on November 3, 2026 is also KRW 0, so the quoted price of KRW 10,620 equals the listing reference price. KONEX has investor eligibility requirements, so executing trades and forming a price may take time.
Industry commentary describes the 2026 fashion market environment as contracted. The annual average growth rate of the domestic fashion market was 2.4%, below the 7.7% of online fashion. If consumer sentiment weakens or online growth slows further, inventory burden and discount pressure could increase.
Musinsa is strengthening its lead in the platform market on the back of male consumers. Musinsa plans to strengthen women's brands and content. Intensifying competition among women's fashion platforms could raise fees, advertising costs and the cost of winning exposure. As in 2025, changes to the sales channel structure could also cause temporary revenue contraction.
CEO Dong-jin Kim, the largest shareholder, holds 38.5%. The company said it intends to pursue a KOSDAQ transfer listing over the medium to long term. A transfer requires passing review and meeting profitability criteria, and its timing and outcome are not settled. At the KONEX stage, limited free float and few participants may increase share price volatility.
Despite its market classification, Eastend is a small listed company running a fashion and cosmetics direct-to-consumer business. In 2025, channel restructuring and inventory discounts produced an operating loss of KRW 8.922 billion and heavier financial strain.
In the first half of 2026, revenue grew 43.24% and gross margin rose to 57.92%, which are recovery signals. However, a swing to operating profit has not been confirmed, and cash and equity remain small.
Because trading had not formed right after listing, the quoted price of KRW 10,620 stays at the listing reference level. Going forward, it is worth watching how operating results and cash flow change in half-year and annual disclosures, and whether revenue holds after the channel restructuring. Readers should weigh these facts and the bullish and bearish factors themselves.
Report written 2026-11-03 · Data as of 2026-11-02
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.