PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Prices as of the 2026-10-02 close
Miju operates four brands centered on Le.NIC & McCoy across diversified distribution channels, and while revenue has grown for four straight years, operating margin has clearly narrowed over the same period.
Revenue rose for four consecutive years, from KRW 19.3 billion in 2022 to KRW 35.2 billion in 2025.
Operating margin fell from 5.6% in 2022 to 3.0% in 2025, and net income attributable to owners declined from KRW 970 million in 2024 to KRW 675 million in 2025.
Total equity expanded from KRW 3.0 billion in 2022 to KRW 8.5 billion in 2025, yet the debt ratio remains elevated at 153% in 2025.
In October 2025, the company raised capital through a third-party placement of 276,626 redeemable convertible preferred shares at KRW 7,230 per share to Albatross Future Mobility Fund.
The company runs four brands — Le.NIC & McCoy, Repen Studio, Gidan, and Le.NIC Golf — across diversified channels including department stores, outlets, Costco roadshows, and the online platform Queenit.
Founded in 2013, Miju is a women's apparel company that listed on the KONEX market on October 26, 2023. Its core brand is Le.NIC & McCoy, a New York-inspired contemporary casual womenswear line targeting women in their 30s to 50s.
Around this core, the company runs a four-brand portfolio that also includes youth-oriented Repen Studio, vegan fashion accessories brand Gidan, and online-only women's golfwear brand Le.NIC Golf.
Distribution spans department stores such as Lotte and Hyundai, outlets, agency and directly-operated stores, alongside online channels, with Le.NIC & McCoy reported to operate roughly 90 offline locations across department stores, outlets, and directly-run shops as of 2025.
More recently, the company has generated sales through Costco roadshows (pop-up style events) at around 25 locations including Yangjae, Gwangmyeong, and Ilsan, while also growing online sales via listing on Queenit, a platform targeting consumers in their 40s and 50s.
At the end of 2024, the company opened a large complex store combining Le.NIC & McCoy and Repen Studio at Inspire in Yeongjongdo, Incheon, and has also opened a store in Ho Chi Minh City, Vietnam, as part of overseas expansion.
Production relies on a multi-item, small-batch (SPA-type) system that centralizes planning, logistics, design, and production management in one space to improve responsiveness to trends and inventory efficiency.
IBK Investment & Securities, the company's designated advisor on KONEX, has noted that the apparel industry has low barriers to entry and exit, resulting in intense multilateral competition.
| Quarter | Revenue | Operating profit | Op. margin |
|---|
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩19.3B | ₩1.1B | ₩800M | 5.6% | 26.7% | 359.1% |
| 2023 | ₩23.1B | ₩1.3B | ₩700M | 5.4% | 19.7% | 300.4% |
| 2024 | ₩30.8B | ₩1.5B | ₩1B | 4.8% | 16.5% | 257.9% |
| 2025 | ₩35.2B | ₩1.1B | ₩700M | 3.0% | 8.0% | 153.2% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
On a confirmed consolidated basis, revenue grew for four straight years — KRW 19.3 billion in 2022, KRW 23.1 billion in 2023, KRW 30.8 billion in 2024, and KRW 35.2 billion in 2025.
Operating profit, however, rose from KRW 1.08 billion in 2022 to KRW 1.25 billion in 2023 and KRW 1.48 billion in 2024 before falling to KRW 1.06 billion in 2025, with operating margin declining every year — from 5.6% in 2022 to 5.4% in 2023, 4.8% in 2024, and 3.0% in 2025.
Net income attributable to owners improved from KRW 800 million in 2022 to KRW 740 million in 2023 and KRW 970 million in 2024, before dropping back to KRW 675 million in 2025.
Operating cash flow shifted from an inflow of KRW 1.21 billion in 2022 to an outflow of KRW 268 million in 2023, then returned to inflows of KRW 1.88 billion in 2024 and KRW 1.31 billion in 2025.
Total equity expanded every year, from KRW 2.99 billion in 2022 to KRW 3.76 billion in 2023, KRW 5.86 billion in 2024, and KRW 8.48 billion in 2025, reflecting both retained earnings and external capital raises.
Total liabilities rose from KRW 10.74 billion in 2022 to KRW 15.11 billion in 2024 before easing to KRW 13.0 billion in 2025, with the debt ratio steadily declining from 359.1% in 2022 to 300.4% in 2023, 257.9% in 2024, and 153.2% in 2025.
The margin erosion despite top-line growth is likely linked to higher selling and administrative expenses tied to brand expansion and new store and overseas openings, though detailed cost breakdowns by segment are not disclosed.
Overall, Miju continues to grow in scale and strengthen its capital base, even as profit quality has relatively weakened.
The domestic women's apparel market is characterized by low barriers to entry and exit, resulting in competition among numerous brands; the company's designated advisor, IBK Investment & Securities, has noted that this creates intense competition across design, pricing, and distribution as brands vie to build recognition and respond to fast-changing trends.
Miju's strategy positions its contemporary casual offering toward women in their 30s to 50s while expanding across multiple channels — department stores and outlets, large discount retailers like Costco, and online platforms such as Queenit.
Due to the seasonal nature of apparel, second-half sales tend to carry more weight industry-wide because fall/winter merchandise typically commands higher unit prices than spring/summer items.
Miju itself has historically shown a seasonal pattern in which roughly 60-65% of annual sales occur in the second half, meaning second-half execution carries significant weight for full-year results.
Competitiveness in this segment often hinges on multi-item, small-batch production and real-time sales-data-driven inventory management; Miju has recorded seasonal sell-through rates near 70% and an inventory turnover ratio that has outpaced the industry average, suggesting relatively sound inventory risk management.
That said, the KONEX market's characteristically lower liquidity and more limited information access could represent a relative disadvantage in capital market access compared with peers listed on KOSDAQ or KOSPI.
Miju disclosed plans to deploy proceeds from its October 2025 third-party placement of redeemable convertible preferred shares toward operating capital — KRW 1 billion each in 2025 and 2026 — covering labor costs, R&D, and marketing expenses.
The company has stated intentions to expand into complex shopping malls and overseas markets, building on its Inspire complex store in Incheon, and noted that positive sales response at its Ho Chi Minh City store in Vietnam has prompted plans to strengthen local operations under a country manager.
The Costco roadshow channel has been described as having become a stable sales structure, making further roadshow expansion a point to watch. Management has also indicated plans to continue growing the Le.NIC Golf sub-brand primarily online while focusing on scaling up Repen Studio.
That said, there is a notable gap between the annual sales target disclosed in early 2025 (roughly KRW 47 billion on a retail sell-price basis) and actual confirmed consolidated revenue (about KRW 35.2 billion on an accounting basis) — a gap that may partly reflect the difference between retail sell-through figures across the distribution network and revenue recognized under accounting standards.
Going forward, key points to monitor include how new channel and brand expansion translate into actual profit and loss, and whether the raised capital is deployed as planned.
As a small-cap fashion name listed on KONEX, Miju's valuation metrics can display relatively wide swings given the market's limited trading volume.
Based on the most recently confirmed results, the multiple applied to earnings appears to sit near the upper end of the band in which the stock has historically traded, and the share price also appears to carry a certain premium relative to net asset value.
Earnings direction improved in 2024 before softening again in 2025, and this trajectory is worth weighing alongside the multiple the market currently assigns. No cash dividend history has been confirmed for the company, making dividend-related metrics difficult to reference.
Given KONEX's characteristically narrower pool of counterparties and lower disclosure frequency compared with KOSDAQ or KOSPI, price formation may also be subject to distortions not typically seen on larger markets.
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 2026-09-05
Centered on Le.NIC & McCoy, the company runs four brands — including Repen Studio, Gidan, and Le.NIC Golf — while diversifying distribution across department stores, outlets, Costco roadshows, and the online platform Queenit.
It is also expanding into new store formats and overseas channels, including its Incheon Inspire complex store and a Ho Chi Minh City location in Vietnam. This diversification can reduce reliance on any single channel or brand.
Confirmed financial statements show revenue rising for four straight years, from KRW 19.3 billion in 2022 to KRW 35.2 billion in 2025. Total equity also expanded over the same period, from KRW 3.0 billion to KRW 8.5 billion, broadening the company's financial base. The debt ratio has also declined every year, from 359% in 2022 to 153% in 2025.
Miju has adopted a multi-item, small-batch production model that centralizes planning, production, and logistics in one space, enabling rapid response to trend shifts.
At the time of its listing, the company's inventory turnover ratio exceeded the industry average, and seasonal sell-through rates reportedly reached around 70%. Its inventory management system, which leverages real-time sales data, can help lower the risk of prolonged inventory buildup.
Operating margin declined every year, from 5.6% in 2022 to 3.0% in 2025. Despite revenue growth, absolute operating profit fell from KRW 1.48 billion in 2024 to KRW 1.06 billion in 2025. Net income attributable to owners also declined again, from KRW 970 million in 2024 to KRW 675 million in 2025.
Given the seasonal nature of fashion products, roughly 60-65% of annual sales have historically been concentrated in the second half, meaning weak performance in a given season can materially affect full-year results.
Given the industry's low entry and exit barriers, failing to keep pace with trend changes could pressure both revenue and profitability simultaneously.
The KONEX market has fewer trading counterparties, lower trading volume, and less frequent disclosure compared with KOSDAQ or KOSPI.
Following the October 2025 issuance of redeemable convertible preferred shares, total shares outstanding increased, so potential future dilution tied to conversion or redemption terms is also worth monitoring.
The women's apparel market has low entry and exit barriers, resulting in intense competition among numerous brands. Failure to keep pace with trend changes, or new brand expansion falling short of expected sales, could pressure profitability.
While the debt ratio has declined each year, it remained elevated at 153.2% in 2025. Given that the company raised external capital through the 2025 redeemable convertible preferred share issuance, it is worth monitoring how future conversion or redemption terms could affect the capital and ownership structure.
The KONEX market has lower trading volume and disclosure frequency than KOSDAQ, which can amplify information asymmetry and volatility in price formation. As a small-cap stock, prices can also move significantly on relatively few trades, which should be factored in as well.
Given the industry's seasonality, with 60-65% of sales concentrated in the second half, this is a point to check fall/winter store and online sales trends.
It is worth checking whether disclosure emerges on how the roughly KRW 1 billion allocated for 2026 from the October 2025 preferred share issuance is deployed across labor, R&D, and marketing costs.
It is worth continuing to track the sales contribution from newer distribution formats such as the Incheon Inspire complex store and the Ho Chi Minh City location in Vietnam, as well as whether the Costco roadshow channel expands further.
This is when the FY2026 annual report is expected to be filed on DART, allowing confirmation of full-year revenue, operating profit, net income, debt ratio, and equity changes.
Miju has delivered four consecutive years of revenue growth on the back of a four-brand portfolio centered on Le.NIC & McCoy and diversified distribution across department stores, outlets, Costco, and online channels.
However, operating margin has declined every year, from 5.6% in 2022 to 3.0% in 2025, and net income attributable to owners fell again in 2025, warranting closer attention to earnings quality.
The expansion of total equity and the decline in the debt ratio represent positive shifts in the balance sheet, but the future conversion and redemption terms of the external capital raised through the October 2025 preferred share issuance warrant ongoing attention.
How new growth drivers — the Incheon Inspire complex store, Vietnam expansion, and the growing Costco roadshow channel — translate into actual profit and loss remains a key point to watch going forward.
The KONEX market's characteristically lower liquidity and disclosure frequency are structural factors that should also be weighed in any investment judgment. This report contains no buy or sell recommendation and is prepared for informational purposes only.
Report written 2026-09-05 · Data as of 2026-09-04
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.