Gamsung

Gamsung Corporation was founded in July 1994 as software firm Virtualtek and listed on KOSDAQ in 2000; it was established in July 1994 as Virtualtek engaged in software development, listed on KOSDAQ in 2000, and acquired mobile accessories maker Vivawork, which handled products such as power banks and charging cables, in 2019.

Following a change in controlling shareholder in 2019, the company signed a five-year license agreement with Snow Peak's Japan headquarters in October 2019 and formally launched the Snow Peak Apparel business in February 2020.

It subsequently expanded distribution through department stores, outlets, online channels and duty-free shops, and changed its name to Gamsung Corporation in March 2021.

Most revenue comes from Snow Peak Apparel clothing, footwear and gear, with roughly 97% of total revenue coming from Snow Peak Apparel (clothing, footwear, gear, etc.) and about 3% from the Actimon mobile accessories business (power banks, chargers, etc.).

However, the company decided in April 2026 to spin off its mobile accessories unit, and following approval at the extraordinary general meeting on June 4, the split-off date was set for July 1, separating the new entity.

The split restructured the surviving company to concentrate resources on the Snow Peak Apparel business.

The Snow Peak brand license comes from Snow Peak's Japan headquarters, which is owned by Bain Capital; Bain Capital's past investments have often shown sharp revenue and profit increases roughly one year after acquisition, and 2025 marked about one year since Bain Capital's acquisition of Snow Peak Japan.

Offline stores have expanded domestically alongside Taiwan, Japan and China, and in the competitive landscape, while competitors have at least 45 years of operating history, Snow Peak Apparel is a later entrant that only launched domestically in 2019.

Consolidated revenue rose for four consecutive years, from KRW 117.4bn in 2022 to KRW 177.9bn in 2023, KRW 220.4bn in 2024 and KRW 250.2bn in 2025, while operating profit expanded from KRW 16.2bn to KRW 32.2bn to KRW 36.1bn to KRW 44.6bn over the same period, with top-line and profit growth moving together.

The operating margin jumped from 13.8% in 2022 to 18.1% in 2023, eased to 16.4% in 2024, then recovered to 17.8% in 2025. Net income attributable to owners grew from KRW 15.1bn in 2022 to KRW 35.4bn in 2025, while owners' equity expanded from KRW 50.9bn to KRW 134.0bn, thickening the balance sheet.

Operating cash flow turned from roughly negative KRW 0.1bn in 2022 to a positive KRW 26.7bn in 2023, eased to KRW 5.8bn in 2024, then rebounded sharply to KRW 39.0bn in 2025, restoring the company's cash-conversion capacity.

By quarter, after a seasonally slow Q3 2025 with KRW 45.9bn revenue and KRW 6.2bn operating profit, Q4 2025 surged to KRW 104.0bn revenue, KRW 22.8bn operating profit and KRW 18.2bn net income attributable to owners, reflecting the seasonality of concentrated winter outdoor apparel sales.

In Q1 2026, revenue reached KRW 58.5bn and operating profit KRW 9.5bn, and these figures represented year-on-year increases of 25.3% and 38.3% respectively, extending a sixth consecutive year of record quarterly revenue.

Looking at the apparel segment alone, it posted revenue of KRW 56.6bn and operating profit of KRW 9.4bn, up 27.0% and 36.9% year-on-year respectively, with the operating margin rising 1.2 percentage points to 16.5%.

In Q2 2026, consolidated revenue was KRW 58.5bn and operating profit KRW 9.1bn, bringing H1 cumulative revenue to KRW 117.1bn, operating profit to KRW 18.6bn and net income to KRW 15.7bn. These figures represented year-on-year increases of 16.7%, 19.1% and 25.2% respectively.

Net income attributable to owners summed over the trailing four quarters (Q3 2025 through Q2 2026) reached roughly KRW 38.6bn, indicating that profit growth has continued on an annualized basis as well.

The domestic outdoor apparel market is viewed as growing on the back of expanding interest in health and wellness.

However, in Q2 2026, amid a consumption slowdown, most major domestic outdoor brands posted either revenue declines or stagnant growth, and Gamsung Corporation stood out by continuing to grow through this period.

In the competitive landscape, major domestic outdoor and apparel brands are mostly mature brands with at least 45 years of operating history, while Snow Peak Apparel is a later entrant that only launched domestically in 2019 and is still viewed as being in a store-expansion and per-store sales growth phase.

Building on this growth capacity, the company has stated a target of at least 20% average annual revenue growth through 2027.

Overseas, the company has expanded stores in Taiwan through a local partnership while also pursuing China through Shanghai and other locations, and analysts note that China's outdoor market continues to grow while interest in K-fashion brands is expanding.

However, Snow Peak's success in China is said to hinge substantially on the capability of distribution partner BIEMLOFEN, as the success of Korean outdoor brands entering China has historically depended heavily on their local partners' brand execution and management capabilities.

The company has positioned 2026 as the year in which overseas, particularly Chinese, sales begin to be reflected meaningfully in earnings.

In China, store count reached four by the end of Q2 (up three from the prior quarter), as the company opened the Guangzhou UC store (2nd store) in March, followed by the Guangzhou Taikoo Li Julongwan store (3rd store) and Chongqing Wanxiangcheng store (4th store) in April, accelerating its store rollout.

In June 2026, Chinese distribution partner BIEMLOFEN Group announced a strategic partnership with Snow Peak's Japan headquarters and Gamsung Corporation, under which Gamsung would handle Snow Peak apparel distribution in China while BIEMLOFEN would handle marketing, sales and distribution across the entire Snow Peak IP in China.

Company officials stated that following the second-half spin-off, they would concentrate all resources on the apparel business to establish a global standard for K-outdoor in China. Separately from domestic growth, the company has also mentioned plans to further expand into Southeast Asian markets and India by 2027.

On shareholder returns, under a three-year plan to return at least 50% of the prior year's net income via dividends and buybacks, the company carried out its first-ever cash dividend this year along with a KRW 4.5bn share buyback.

Views diverge among brokerages regarding the pace of China store rollout, with one brokerage estimating store count at around 40 by 2029 under a scenario where BIEMLOFEN's rollout pace falls short of expectations, reflecting differing views on the long-term growth trajectory.