KOSDAQApparel & Living366030

09women

₩4,370▼ 1.69%2026-10-02 close

Market Cap

₩98.2B

Turnover

₩100M

Volume

30,000 shares

Shares out.

22.7M

PER

6.6×

PBR

1.2×

EPS

₩741

Dividend Yield

1.64%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩80 per share · Prices as of the 2026-10-02 close

Report overview

Ownership Change Redirects Nine & Company

Nine & Company, built on its plus-size women's apparel e-commerce business, is diversifying into an investment-holding structure after control passed to private equity firm CCG Investment Asia in June 2026.

1
Since its March 2022 KOSDAQ listing, revenue has declined for four consecutive years, from KRW 58.7 billion in 2022 to KRW 45.0 billion in 2025.
2
Control changed hands in June 2026 when CCG Investment Asia acquired the stakes held by the founder and TS Investment.
3
The company announced entry into AI data center cooling solutions and took an equity stake in related firm AIT-E.
4
Owner-attributable net income in Q1-Q2 2026 expanded far more than operating profit, reflecting a growing share of non-operating items.
5
Capital-allocation activity has accelerated, including acquiring outdoor advertising media rights and extending a share-collateral loan.

Business structure

Nine & Company, formerly known as Gongguwoman, listed on KOSDAQ in March 2022 and built its business around the online specialty retailer 09WOMEN, which sells plus-size women's apparel across sizes roughly equivalent to Korean 66-120.

The company operates a multi-brand portfolio spanning daily wear, casual, underwear and athleisure lines tailored to body-diverse customers.

After listing, founder Kim Ju-young and venture capital firm TS Investment served as the top two shareholders, but in 2025, once lock-up restrictions expired, the two decided to jointly sell their controlling stakes.

Advisory firm Samil PwC ran a preliminary bidding process that selected Singapore-based private equity firm CCG Investment Asia as the preferred acquirer, and CCG completed the ownership transfer on June 1, 2026, after its special purpose vehicle CCG Monument Holdings acquired a 44.14% stake in the former Gongguwoman for KRW 72.0 billion.

Immediately after the change of control, the company amended its articles of incorporation to add investment business as a stated purpose, shifting toward a dual-track strategy that runs the existing fashion and commerce operations alongside new investment activities.

As a new growth pillar, it designated AI data center cooling solutions as a target business, set up a dedicated organization, and invested KRW 4.12 billion in a third-party share issuance by unlisted firm AIT-E.

The company has also acquired outdoor advertising media rights from SLM&C, paying a KRW 5.0 billion advance, restructuring its portfolio toward assets with limited direct connection to the core apparel business.

Earnings trend

Quarterly revenue · Operating profit

₩13.4B₩2.4B25Q2₩9.9B₩1.3B25Q3₩12.8B₩1.9B25Q4₩8.3B₩800M26Q1₩14.1B₩1.9B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩58.7B₩12.7B2022₩53B₩10.5B2023₩49.9B₩8.1B2024₩45B₩6.8B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩13.4B	₩2.4B	18.0%
2025Q3	₩9.9B	₩1.3B	12.8%
2025Q4	₩12.8B	₩1.9B	15.1%
2026Q1	₩8.3B	₩800M	10.1%
2026Q2	₩14.1B	₩1.9B	13.4%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩58.7B	₩12.7B	₩11.3B	21.6%	19.1%	6.6%
2023	₩53B	₩10.5B	₩10.1B	19.8%	15.2%	5.2%
2024	₩49.9B	₩8.1B	₩7.9B	16.2%	10.2%	8.5%
2025	₩45B	₩6.8B	₩7.5B	15.1%	9.0%	7.2%

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

Earnings analysis

Annual results show a clear downward trend in the core business: revenue fell for four straight years from KRW 58.7 billion in 2022 to KRW 53.0 billion in 2023, KRW 49.9 billion in 2024, and KRW 45.0 billion in 2025, while the operating margin steadily declined from 21.6% in 2022 to 19.8%, 16.2%, and 15.1% over the same period.

Owner-attributable net income, however, fell more gradually, from KRW 11.3 billion in 2022 to KRW 7.5 billion in 2025, supported by a relatively stable balance sheet and cash generation.

Annual operating cash flow remained solid relative to earnings at KRW 10.5 billion, KRW 10.2 billion, KRW 9.9 billion and KRW 6.4 billion from 2022 through 2025, and the debt ratio stayed very low at 7.2% at the end of 2025.

On a quarterly basis, the business showed a seasonal recovery from Q3 2025 revenue of KRW 9.9 billion and operating profit of KRW 1.3 billion to Q4 2025 revenue of KRW 12.8 billion and operating profit of KRW 1.9 billion.

Entering 2026, however, both revenue and operating profit contracted again, with Q1 revenue of KRW 8.3 billion and operating profit of KRW 0.8 billion, followed by Q2 revenue of KRW 14.1 billion and operating profit of KRW 1.9 billion.

In contrast, owner-attributable net income reached KRW 4.7 billion in Q1 and KRW 8.0 billion in Q2, running 5.6 times and 4.2 times operating profit respectively in those quarters, a gap that appears linked to non-operating items generated during the post-acquisition asset and investment restructuring.

Combined owner-attributable net income over the trailing four quarters (Q3 2025 through Q2 2026) reached KRW 16.8 billion, well above the combined revenue of KRW 45.2 billion and operating profit of KRW 5.9 billion for the same window.

Industry analysis

The online plus-size women's apparel retail segment is in an increasingly competitive phase.

According to disclosures made during the sale process, cumulative revenue through Q3 2025 was KRW 32.2 billion, down KRW 3.9 billion year over year, while cumulative operating profit fell to KRW 4.9 billion, down KRW 1.3 billion, roughly half the KRW 9.7 billion cumulative operating profit posted in the same period of 2022, the company's IPO year.

Industry observers have noted that as comprehensive fashion platforms and large commerce players expand size-inclusive product lines, the differentiation once enjoyed by dedicated plus-size retailers has eroded.

The fact that collaboration with strategic investors specializing in luxury and premium brands emerged as a key consideration during the sale process also underscores the limitations of the existing standalone business model.

Meanwhile, the newly entered AI data center cooling solutions market is expected to grow as generative AI adoption raises power density and heat output in data centers, but the investment target, AIT-E, is a newly founded company with no recorded revenue as of 2025 and remains at an early market-entry stage.

That market already includes established cooling specialists with technology and customer bases in place, implying meaningful competitive intensity for a late entrant.

As a result, the company must simultaneously manage two dissimilar businesses: a maturing core fashion operation and a nascent investment business that has yet to build a revenue base.

Outlook

Following the change of control, the company has formalized a dual-track strategy that maintains the competitiveness of its existing fashion and commerce business while running new investment activities in parallel.

In AI data center cooling, it stated it is reviewing strategic investments in specialist firms with core technology and global networks, while also planning to launch its own branded products. The company said it intends to leverage CCG Investment's overseas network to gain entry into the global big-tech ecosystem.

Regarding the outdoor advertising media rights acquisition, the company has mentioned potential future use for its own brand advertising, though a concrete execution plan has not yet been disclosed.

In addition, the scope of capital deployment has widened beyond business investment, including a short-term share-collateral loan extended to the CEO of Lotte Tourism Development, making the eventual composition and risk-management approach of the investment portfolio a key point to watch.

On the existing apparel business, recent disclosures and news coverage have not highlighted specific new brand launches or expanded overseas expansion plans, suggesting that maintaining the existing revenue base will likely remain the near-term focus.

Valuation

PER

6.6×

PBR

1.2×

ROE

19.5%

EPS

₩741

BPS

₩4,144

Dividend per share

₩80

Assessing the company's valuation requires weighing both its multi-year earnings trajectory and its recent shift in business structure.

Historically, the stock traded at a five-year average price-to-earnings ratio in the mid-teens and a price-to-book ratio in the low-2x range, and current multiples appear to sit below those longer-term averages.

On an operating-profit basis, profitability has gradually softened over several years, while on a book-value basis the shares have traded at a comparatively modest premium. The company has a record of paying cash dividends in recent fiscal years, though the payout level is understood to run below the sector average.

That said, because the surge in net income relative to operating profit in the first half of 2026 appears tied to non-operating factors linked to the ownership change and asset restructuring, extending that period's earnings pattern directly into a forward trend warrants caution.

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

Bull factors

Potential to leverage the new controlling shareholder's global network

CCG Investment Asia is a private equity fund that has been active in Korea's capital markets, including serving as the arranger for Lotte Tour Development's refinancing, and the company stated that it is exploring overseas partnerships and entry into the big tech ecosystem for new businesses such as AI data center cooling solutions by leveraging this network.

Given the criticism of the limitations of the existing single-portfolio fashion business, combining external capital and networks could serve as an opportunity for business diversification.

However, this is still at the planning stage, and further confirmation is needed as to whether it will lead to substantive results.

Solid cash generation and low leverage

The existing fashion and commerce business has maintained positive operating cash flow every year despite declining revenue, and the debt ratio at the end of 2025 stood at a very low 7.2%. This can be viewed as a factor supporting the financial capacity needed to pursue new investment businesses. The low debt burden provides a foundation for the new major shareholder to flexibly design capital allocation.

Diversified pipeline of new investments

Various forms of capital allocation have been rapidly carried out following the acquisition of CCG, including equity investment in AI data center cooling solutions, acquisition of outdoor advertising rights, and execution of short-term loans.

This can be interpreted as an attempt to diversify revenue sources away from the existing single-structure apparel business. However, the actual profit contribution of each investment remains at an early stage.

Bear factors

Multi-year decline in core business revenue

Revenue declined for four consecutive years, from KRW 58.7 billion in 2022 to KRW 45.0 billion in 2025, and the operating margin also fell from 21.6% to 15.1% over the same period.

Even in 2026, operating profit for the first and second quarters remained at low levels of KRW 800 million and KRW 1.9 billion respectively, failing to break out of the year-over-year decline. Intensifying competition in the plus-size market is cited as an obstacle to revenue recovery.

Early-stage nature of new businesses

AIT-E, the target of investment, is a startup with no revenue as of 2025, and its total equity is estimated to be only around KRW 100 million. The plans for utilizing the outdoor advertising rights have also not yet been specified. It may take considerable time for the new businesses to translate into actual revenue and profit.

Earnings structure skewed toward non-operating items

In the first and second quarters of 2026, net income attributable to controlling shareholders reached 5.6 times and 4.2 times operating profit, respectively, indicating that non-operating gains and losses, rather than the core business, are significantly influencing the scale of profit.

Such a profit structure may reduce predictability in terms of sustainability. There is a risk that profit scale could shrink significantly if similar non-operating gains are not repeated in future quarters.

Risk factors

Diversification execution risk

New businesses such as AI data center cooling solutions and outdoor advertising are assessed as having little direct connection to the existing apparel business. If capital is dispersed without clear synergy between businesses, securing competitiveness for each business could be delayed.

Since the equity investment in the startup includes structural constraints such as call options, additional variables may arise in the future handling of the equity stake.

Intensifying competition risk in the core business

As comprehensive fashion platforms and major commerce companies expand size-diversified products, the differentiation of plus-size specialty malls is weakening. Online apparel consumption can be sensitive to consumer spending slowdowns, which may delay revenue recovery. If revenue decline continues, this could also constrain the funding available for new businesses.

Governance and capital-allocation risk

Following the change in management control, fund operations unrelated to the core business, such as the execution of short-term stock-secured loans to an external company's CEO, have been increasing. From the perspective of minority shareholders, it is time to verify the priority and transparency of capital allocation. If transactions involving related parties increase, concerns over conflicts of interest may be raised.

What to watch next

Mid-November 2026
The Q3 quarterly report disclosure should be checked for whether new investment businesses begin contributing revenue and whether non-operating gains recur.
Q4 2026
Watch for developments on the AIT-E call option, any additional equity investment, and progress on launching an in-house cooling solutions brand.
Q4 2026 through early 2027
Check whether plans to utilize the outdoor advertising media rights become concrete and whether related revenue recognition begins.
Around March 2027
The 2026 annual business report should be checked for the confirmed full-year investment gains and the annual earnings contribution of new businesses.

Overall view

Nine & Company, a plus-size women's apparel specialist that has seen four straight years of declining revenue and operating margin, is now attempting to pivot toward an investment-holding portfolio following the June 2026 transfer of control to CCG Investment Asia.

The existing business retains solid cash generation and a low debt ratio, but the revenue base itself has yet to show a clear recovery signal.

New investments in AI data center cooling solutions and outdoor advertising rights remain at an early stage, and the sharp excess of net income over operating profit in the first half of 2026 appears linked to non-operating factors from this asset restructuring process.

This is a transitional situation with mixed positive and negative factors, where the actual revenue and earnings contribution of new businesses, along with the transparency of capital allocation, will be the key variables going forward.

Investors will want to continue monitoring upcoming quarterly disclosures and follow-up announcements on the new businesses to see whether this pivot translates into actual results.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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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.