PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close
TBH Global is showing a revenue recovery driven by online and women's wear growth along with inventory efficiency gains, but profitability still swings sharply between quarters, making the durability of stable earnings the key point to watch.
H1 2026 revenue reached KRW 100.6bn (+13.9% YoY) and operating profit rose to KRW 2.68bn (+176%), showing simultaneous improvement in scale and profitability.
Online sales expanded to 38.4% of total revenue, and Basic House posted triple-digit growth after starting supply to Daiso.
Full-year 2025 revenue rose to KRW 182.4bn and owner net income turned positive at KRW 0.88bn after a 2024 loss, though still below 2023 levels.
The company posted operating losses in both Q3 2025 and Q1 2026, reflecting seasonality, the wind-down of the luxury business, and foreign-exchange effects.
The company has formally announced the launch of a new global brand, 'Time Out,' preparing an additional growth driver ahead of the peak fourth quarter.
Founded in 2000, TBH Global is a fashion company operating in-house brands including the business-casual line 'Mind Bridge,' casual brand 'Basic House,' and women's wear brand 'Jucy Judy.' The company has also run a license agreement for the British brand Aquascutum, operated the luxury multi-brand store Forum, and handled consignment sales for 'The AtG' and 'Tahari.' As of 2022, brand-level sales mix was concentrated in Mind Bridge at 59%, home shopping at 25%, Jucy Judy at 12%, and Basic House at 3%, reflecting heavy reliance on Mind Bridge.
Mind Bridge competes with brands such as Giordano, Polham, Project M, and Cor in the business-casual zone and holds a top-tier sales position there. In 2022 the company sold its China subsidiary and related brand trademarks to Chinese fashion firm Nanjiren, reducing net debt and strengthening its balance sheet.
To improve profitability, TBH converted Basic House into an online-focused brand and has expanded direct-to-consumer channels through its integrated online mall 'TBH SHOP' and external platforms such as Musinsa.
In 2025 the company discontinued its parallel-import luxury business, and losses from that wind-down were reflected in some quarterly results.
In 2026 Basic House began supplying products to Daiso, broadening its distribution channels, while the company is also preparing to launch the new global brand 'Time Out' to expand its brand portfolio.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩47.8B | ₩3.8B | 7.8% |
| 2025Q3 | ₩35.5B | -₩1.5B | −4.3% |
| 2025Q4 | ₩58.6B | ₩3.7B | 6.3% |
| 2026Q1 | ₩47.3B | -₩900M | −1.9% |
| 2026Q2 | ₩53.3B | ₩3.6B | 6.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩203.1B | ₩2B | ₩4.9B | 1.0% | 8.2% | 86.6% |
| 2023 | ₩197.1B | ₩7.9B | ₩6.7B | 4.0% | 10.7% | 74.6% |
| 2024 | ₩178.5B | ₩3.4B | -₩700M | 1.9% | −1.2% | 70.1% |
| 2025 | ₩182.4B | ₩3.1B | ₩900M | 1.7% | 1.5% | 68.0% |
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 2025 revenue rose modestly to KRW 182.4bn from KRW 178.5bn in 2024, but operating profit declined to KRW 3.15bn from KRW 3.36bn, pulling the operating margin down to 1.7% from 1.9% a year earlier.
Owner net income turned positive at KRW 0.88bn in 2025 from a loss of KRW -0.72bn in 2024, though it remained well below the KRW 6.74bn recorded in 2023 and KRW 4.93bn in 2022.
On a quarterly basis, Q2 2025 revenue of KRW 47.8bn and operating profit of KRW 3.75bn marked a strong quarter, but Q3 2025 revenue fell to KRW 35.5bn with an operating loss of KRW -1.52bn.
Revenue recovered to KRW 58.6bn with operating profit of KRW 3.70bn in the seasonally strong Q4 2025, before Q1 2026 slipped back into a loss with revenue of KRW 47.3bn and an operating loss of KRW -0.91bn. Q2 2026 swung back to profit with revenue of KRW 53.3bn and operating profit of KRW 3.59bn.
This quarter-to-quarter volatility appears to reflect a combination of seasonality, one-off losses tied to the 2025 wind-down of the luxury business, and non-cash foreign-currency translation losses linked to exchange-rate swings.
According to company disclosures, cumulative H1 2026 revenue reached KRW 100.6bn, up 13.9% year-on-year, while operating profit rose 176% to KRW 2.68bn, already equal to 85% of full-year 2025 operating profit.
Net income for H1 2026, however, was limited to KRW 0.32bn, a much smaller increase than operating profit, which the company attributed to higher financial costs from foreign-exchange losses and translation losses tied to high oil prices and a stronger dollar.
The domestic fashion market has contracted for three straight years since peaking at KRW 48.4 trillion in 2023, with Trend Research forecasting the 2026 market to shrink 4.7% year-on-year to KRW 44.5 trillion.
The casual-wear segment, TBH Global's core business area, is expected to shrink from KRW 18.8 trillion in 2024 to KRW 16.6 trillion in 2026, indicating a broader structural adjustment across the casual zoning.
KPMG assessed that 2025 apparel retail sales exceeded KRW 86 trillion but grew only 0.8%, signaling that the industry has entered a mature phase.
Still, some analysis points to signs of consumption recovery in the second half of 2026, with department-store average spending per customer and purchase frequency both rising.
Shinhan Investment Corp identified domestic consumption recovery as the key theme for the apparel sector in H2 2026, naming Hyundai Department Store's Hanssem and F&F among preferred brand-side names.
Some assessments also note that listed textile and apparel companies trade at valuations below the average for the retail sector.
Against this backdrop, TBH Global is responding to competition from large casual-wear rivals and emerging distribution channels by expanding online and new-channel sales centered on its mid-priced Mind Bridge and Basic House brands.
Based on its strong first-half results, the company stated it plans to continue an annual earnings improvement trend through the seasonally strongest fourth quarter.
Its core brand, Mind Bridge, targets annual revenue in the range of KRW 150 billion, with Basic House, which has recently expanded its distribution channels, expected to support additional growth.
Basic House began supplying products to Daiso in 2026, securing a new sales outlet, and whether this channel continues to drive revenue in the second half is a point worth monitoring.
The company has formally announced the launch of the new global brand 'Time Out' as part of efforts to strengthen its medium-term growth base.
It has also introduced an integrated operating system called 'TBH FIT 1024' that expands artificial-intelligence use across product planning, demand forecasting, marketing, and inventory management to improve operational efficiency.
The average inventory provisioning ratio in H1 2026 fell to 6.9% from 8.35% a year earlier, and whether this inventory-efficiency trend continues into the second half could affect margins.
These plans, however, reflect management's own stated outlook, and their realization will depend on confirmed fourth-quarter peak-season results and the early performance of the new brand.
The current share price trades at a discount to the company's net asset value, suggesting the market remains cautious about the sustainability of the earnings recovery.
Although 2025 net income turned positive after a loss in 2024, it still fell well short of 2023 levels, and concerns about earnings stability appear to be reflected in the valuation.
A profit structure that alternates between gains and losses on a quarterly basis reduces the predictability of results, which can also weigh on the valuation premium investors are willing to assign.
The company has a history of paying a cash dividend in a recent fiscal year, but the payout size can vary from year to year depending on earnings volatility.
Compared with other listed apparel companies in the sector, TBH Global tends to be viewed with discount factors related to scale and earnings stability rather than commanding a premium.
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
Online revenue in H1 2026 reached KRW 40.4bn, up 32.3% year-on-year, expanding to 38.4% of total sales. External marketplace and owned-mall sales grew 35.3% and 13.3%, respectively, showing the direct-to-consumer strategy taking hold.
The growing share of the relatively higher-margin online channel is a factor that could contribute to profitability improvement.
Mind Bridge's women's wear sales grew 36.7% in H1, outpacing the brand's overall growth rate of 13.6%. Basic House posted triple-digit sales growth after beginning supply to Daiso. Simultaneous expansion of product lineup and distribution channels is becoming a new pillar of revenue growth.
The average inventory provisioning ratio in H1 2026 fell to 6.9% from 8.35% a year earlier. Data-driven inventory restructuring continues in an effort to reduce carryover stock burden and discount sales exposure. This is cited as one of the factors behind the sharp year-on-year increase in H1 2026 operating profit.
The company posted operating losses in both Q3 2025 and Q1 2026, sharply contrasting with the strong Q2 and Q4 periods. This reflects a combination of seasonal off-peak effects, one-off losses from winding down the luxury business, and foreign-currency translation losses. Such volatility makes it harder to gauge full-year performance.
Trend Research forecasts the domestic fashion market will shrink for a third straight year to KRW 44.5 trillion in 2026 after peaking in 2023. The casual-wear segment is also projected to decline from KRW 18.8 trillion in 2024 to KRW 16.6 trillion in 2026. In a shrinking overall market, sustaining revenue growth requires gaining share relative to competitors.
In H1 2026, higher foreign-exchange losses and translation losses linked to elevated oil prices and a stronger dollar limited net income improvement despite the operating profit increase. Foreign-currency translation losses are non-cash, but continued exchange-rate volatility could keep affecting financial results.
In an environment of elevated oil prices and a strong dollar, expanded foreign-exchange losses and translation losses could repeat the pattern of operating profit gains not fully flowing through to net income. These are non-cash losses, but greater exchange-rate volatility could continue to affect reported earnings.
The trajectory of the won-dollar exchange rate remains a variable that will shape the pace of net income improvement.
With the domestic fashion market in a structurally shrinking phase, a slowdown in consumer sentiment or a broader economic downturn could reverse recent revenue growth. Forecasts of a contracting casual-wear market segment could directly affect the company's core brands. If consumer polarization intensifies, the positioning of mid-priced brands could narrow further.
Whether the launch of the new global brand 'Time Out' and the expansion of new distribution channels such as Daiso will deliver results as planned has not yet been proven. If new brands or channels fail to generate expected revenue relative to upfront investment, this could weigh on profitability.
Past business restructuring, such as the wind-down of the luxury business, suggests that new initiatives could also involve trial and error.
Timing of the Q3 2026 quarterly report filing; worth checking whether the seasonally weak third quarter repeats a loss similar to last year and whether one-off effects from the luxury business wind-down have fully disappeared.
Watch for the formal launch of the new global brand 'Time Out' and its early sales performance, as well as whether Basic House's revenue growth through the Daiso channel continues into the peak season.
Timing of the FY2026 annual report filing and the board's annual dividend decision; the key question is whether the H1 earnings improvement extended through Q4 to confirm a full-year profit recovery.
Continue tracking the trend in online sales share and the inventory provisioning ratio to check whether the margin improvement driven by inventory efficiency is being maintained.
TBH Global showed improvement in both revenue and operating profit in H1 2026, driven by online and women's wear sales expansion along with inventory efficiency gains.
However, the operating losses recorded in Q3 2025 and Q1 2026 illustrate that quarter-to-quarter volatility from seasonality, the luxury business wind-down, and foreign-exchange effects remains substantial.
Full-year 2025 net income turned positive after a loss but still fell short of 2023 levels, meaning the quality and durability of earnings are still being tested.
Amid a structurally shrinking domestic fashion market, the company is trying to supplement growth through new channels such as Daiso and the launch of the 'Time Out' brand, though the actual results of these initiatives have yet to be confirmed.
Fourth-quarter peak-season results and whether quarterly earnings volatility eases going forward will be important points to watch for future performance. Readers should review the next quarterly report and the early performance of new initiatives before forming any judgment.
Report written 2026-09-05 · Data as of 2026-09-04
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