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
Good People saw 2025 revenue fall sharply from the prior year and swing to an operating loss, while the company, now under new controlling shareholders, is attempting a recovery through new licensed brands such as Lee Bodywear and ESCADA White Label.
2025 revenue fell to KRW 72.5bn from KRW 90.2bn a year earlier, swinging to an operating loss of KRW 6.08bn
Operating losses have continued for five straight quarters from 2025Q2 through 2026Q2, with the net loss attributable to owners widening to KRW 8.41bn in 2025Q4
Since SECO Group affiliate Woori Intertex became the controlling shareholder, the company has launched a series of new licensed brands including Lee Bodywear (March 2026) and ESCADA White Label
The debt ratio rose from 36.9% in 2023 to 48.0% in 2025, and operating cash flow also turned negative in 2025
Shares trade around parity with net asset value
Founded in 1993, Good People is a first-generation domestic underwear specialist that operates in-house brands such as Bodyguard, James Dean, Sexy Cookie, and YES alongside licensed brands including Levi's Bodywear.
In 2026 the company signed a five-year license with the American denim brand Lee and launched Lee Bodywear, and it is also rolling out an underwear license for the German luxury brand ESCADA White Label, mainly through home shopping.
Distribution spans nationwide offline franchise stores, online channels including its own e-commerce mall and open markets, and home shopping.
Competitors include domestic underwear makers Vivien (Namyang), Shinyoung Wacoal, BYC, and Ssangbangwool, along with low-price pressure from SPA brands affiliated with Uniqlo and E-Land.
Following a 2018 embezzlement and breach-of-trust scandal by prior management that halted trading and triggered court receivership, a consortium led by SECO Group affiliate Woori Intertex took control in 2022 through a KRW 36 billion third-party capital increase, becoming the largest shareholder and driving management normalization.
Woori Intertex, the controlling shareholder, has historically operated as an OEM manufacturer for underwear companies including Good People, raising the possibility of production-side collaboration.
Throughout 2025 the company accelerated brand portfolio diversification by launching several new brands, including the online-focused hoopoe and Airyli. Bodyguard has undergone a rebranding that reworked its logo, products, and distribution to target younger consumers.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩20.6B | -₩1B | −4.7% |
| 2025Q3 | ₩19.8B | -₩1.4B | −7.0% |
| 2025Q4 | ₩16.2B | -₩1.5B | −9.2% |
| 2026Q1 | ₩15.3B | -₩1.5B | −9.5% |
| 2026Q2 | ₩19.4B | -₩1.8B | −9.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩80.5B | -₩4.3B | -₩6.2B | −5.4% | −11.6% | 38.0% |
| 2023 | ₩82.6B | ₩1.3B | ₩2.8B | 1.6% | 4.9% | 36.9% |
| 2024 | ₩90.2B | ₩1.3B | ₩300M | 1.4% | 0.6% | 42.8% |
| 2025 | ₩72.6B | -₩6.1B | -₩13.7B | −8.4% | −23.9% | 48.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated revenue in 2025 came to KRW 72.60 billion, down about 19.5% from KRW 90.18 billion in 2024, while operating profit swung from a KRW 1.30 billion gain in 2024 to a KRW 6.08 billion operating loss in 2025.
Net income attributable to owners likewise deteriorated sharply, from a KRW 0.34 billion profit in 2024 to a KRW 13.73 billion net loss in 2025.
On a quarterly basis, revenue fell for four consecutive quarters from KRW 20.6 billion in 2025Q2 to KRW 19.8 billion in 2025Q3, KRW 16.2 billion in 2025Q4, and KRW 15.3 billion in 2026Q1, before recovering somewhat to KRW 19.4 billion in 2026Q2.
Operating losses persisted every quarter, widening from KRW -0.97 billion in 2025Q2 to KRW -1.38 billion in 2025Q3, KRW -1.49 billion in 2025Q4, KRW -1.46 billion in 2026Q1, and KRW -1.80 billion in 2026Q2.
Notably, the 2025Q4 net loss attributable to owners ballooned to KRW 8.41 billion, far exceeding that quarter's operating loss of KRW 1.49 billion, suggesting the possible impact of non-operating one-off items.
Including 2023 (revenue KRW 82.57 billion, operating profit KRW 1.29 billion) and 2022 (revenue KRW 80.47 billion, operating loss KRW 4.31 billion), the past four fiscal years show an unstable earnings pattern alternating between profit and loss.
Cash flow tells a similar story: operating cash flow was a positive KRW 3.22 billion in 2024 but swung to a negative KRW 8.20 billion in 2025, showing the earnings deterioration flowing through to cash generation as well.
The domestic underwear market has entered a mature phase, with overall market size stagnant or gradually contracting, and legacy domestic brands compete against SPA brands and emerging e-commerce brands.
Companies such as Vivien, Shinyoung Wacoal, BYC, and Ssangbangwool operate similar franchise-store-based business models, making brand differentiation and the speed of the shift online key competitive variables.
Expanding non-store sales through home shopping and proprietary online malls is a common trend across the industry, and Good People has likewise increased its e-commerce investment.
Introducing overseas licensed brands such as Levi's, Lee, and ESCADA for premiumization is a growth path that domestic incumbents commonly pursue.
However, because license royalty payments scale with sales volume, cost burdens tend to rise alongside revenue growth, meaning top-line expansion does not automatically translate into improved profitability.
Within the sector, Good People competes with other leading players by revenue scale, but its earnings volatility over the past two years has been relatively pronounced.
The company launched Lee Bodywear domestically for the first time in March 2026 and is pursuing expansion across online, department store, and franchise channels, targeting 16 stores by June and at least 33 stores by year-end.
The first-year revenue target for Lee Bodywear was set at KRW 8.2 billion, with the company indicating plans to more than double that figure the following year.
ESCADA White Label is likewise being rolled out mainly through home shopping and online channels, with further offline expansion and a multi-brand megastore concept reportedly under consideration.
Earlier in 2025 the company had set a goal of restoring revenue to KRW 100 billion, but actual revenue came in at around KRW 72.6 billion, a substantial shortfall that suggests either the new brands' revenue contribution had not yet materialized meaningfully or the decline in legacy brand sales was faster than anticipated.
Key items to watch for earnings recovery include the effectiveness of the Bodyguard rebranding, the pace of store expansion for the new licensed brands, and the growth of the online channel's share of sales.
Whether production collaboration with controlling shareholder Woori Intertex translates into cost structure improvements also remains to be seen.
Because the company has alternated between profit and loss over the past two years, earnings stability remains low, making it difficult to assess valuation on the basis of profitability metrics alone.
Shares trade near book value without an extreme premium or discount, suggesting the deviation from asset value is not pronounced. However, given the string of net losses over the trailing four quarters, profit-based multiples are difficult to interpret using conventional benchmarks.
Dividend-related comparisons are also limited, as no recent dividend payment has been confirmed.
Given the company's history of trading suspension, court receivership, and a change in controlling shareholder, company-specific risk factors warrant consideration alongside any peer comparison rather than relying on sector averages alone.
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 2026-08-23
Lee Bodywear, launched in March 2026, and ESCADA White Label, rolled out mainly through home shopping, both target premium positioning relative to the company's existing in-house brands. The company has set a concrete expansion plan to grow Lee Bodywear's store count to at least 33 by year-end. With multiple new brand lines operating simultaneously, revenue source diversification is anticipated.
In 2022, SECO Group affiliate Woori Intertex became the controlling shareholder through a capital increase, resolving much of the prior governance uncertainty. Woori Intertex has historically specialized in underwear OEM manufacturing, leaving room for production-side collaboration.
Since the conclusion of court receivership, management normalization steps such as a corporate identity change and organizational consolidation have proceeded in stages.
The company has increased investment in its own e-commerce channel and home-shopping marketing, with online sales reportedly having expanded from the prior year. The sequential revenue recovery in 2026Q2 compared to the prior quarter may partly reflect the effects of channel diversification.
Strengthening non-store channels represents an attempt to restructure the business away from reliance on physical stores.
Contrary to the company's earlier goal of reaching KRW 100 billion in revenue for 2025, actual revenue reached only KRW 72.6 billion, a substantial shortfall against the target. This also represents a roughly 19.5% decline from the prior year's KRW 90.2 billion, indicating a clear contraction in scale.
Despite the expansion of new brands, this appears insufficient to offset declining sales at existing core brands.
The company posted operating losses in all five quarters from 2025Q2 through 2026Q2, with the loss size generally widening over that period. In 2025Q4, the net loss attributable to owners expanded to KRW 8.41 billion, far exceeding the operating loss for that quarter.
Over the past four fiscal years, results have alternated between profit and loss, making earnings difficult to predict.
The debt ratio has steadily risen from 36.9% in 2023 to 48.0% in 2025. Operating cash flow also swung from a KRW 3.2 billion inflow in 2024 to an KRW 8.2 billion outflow in 2025, indicating deteriorating cash generation. If losses continue, the company's capital buffer could weaken further.
Operating losses have persisted for five consecutive quarters with no confirmed return to profitability in the near term. Revenue decline and earnings deterioration are occurring simultaneously, suggesting a relatively heavier fixed-cost burden. Initial costs associated with new brand investments may continue to weigh on profitability for some time.
The company underwent trading suspension and court receivership following a 2018 embezzlement and breach-of-trust scandal by prior management, and contingent liabilities related to litigation were reported at the time of the sale.
Should such contingent liabilities materialize, they could pose an additional burden on the financial structure. Whether confidence has fully recovered from this legacy remains something to continue monitoring.
Simultaneously expanding multiple new licensed brands carries the risk of spreading execution capability and marketing resources thin. License agreements typically involve royalty payments tied to sales volume, so if revenue falls short of targets, profitability could be further burdened rather than helped.
Where transactions exist with the controlling shareholder (such as OEM arrangements), scrutiny of the fairness of related-party dealings is also warranted.
2026Q3 earnings are due to be disclosed - worth checking whether the five-quarter streak of operating losses narrows and whether Lee Bodywear/ESCADA revenue contributions become visible.
Worth monitoring whether Lee Bodywear reaches its year-end target of at least 33 stores and how ESCADA White Label's offline channel expansion progresses.
Timing of the 2026 annual business and audit report filing - a point to comprehensively check whether annual revenue recovers and whether the debt ratio and cash flow improve.
Worth checking for any disclosures on further stake changes or management changes involving controlling shareholder Woori Intertex/SECO Group.
Good People experienced simultaneous deterioration in both scale and profitability in 2025, with revenue falling roughly 19.5% year-over-year and the company swinging to an operating loss.
Operating losses continued for five consecutive quarters from 2025Q2 through 2026Q2, and the 2025Q4 net loss attributable to owners widened to KRW 8.41 billion, suggesting the possible impact of one-off items.
The rising debt ratio and the swing to negative operating cash flow are signals warranting attention from a financial soundness perspective.
That said, management normalization has continued since the 2022 change in controlling shareholder, and attempts to restore scale are underway through new brands, including the 2026 launch of Lee Bodywear and the expansion of ESCADA White Label.
When the new brands' revenue contribution begins to materialize meaningfully, and whether losses narrow in coming quarters, are likely to be key variables in assessing the company's trajectory.
Governance-related risks stemming from the company's history of court receivership and contingent liabilities also warrant continued attention.
Report written 2026-09-05 · Data as of 2026-09-04
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