Stay OW: Steady Share Gains

研报英文原文证据摘录

Stay OW: Steady Share Gains

IdeaM

Update on the South Korean multi-brand footwear retail market; arrival of new

competitors after several years of withdrawals by major players: After launching its

first MUSINSA KICKS curated footwear store in Hongdae in Jan 2026, and a second Seoul

outlet in Seongsu in March, we understand that leading South Korean fashion platform

MUSINSA now expects to open about 10 new outlets during the course of the year. Local

media report that MUSINSA has a near-term target of increasing MUSINSA KICKS sales to

about ¥5bn. In our view, MUSINSA’s strengths include its powerful community-building

platform, as well as its ability to respond to changing trends and leverage influencer

marketing. We note that its market approach differs from that of existing players.

On 1 June, ABC-MART announced the acquisition of the FOLDER curated shoe shop

business from South Korea’s E-Land World. While it will not acquire all FOLDER stores

and only limited quantitative information is available at this point, we think the acquired

outlets may have an edge in terms of location, as FOLDER stores are primarily located in

busy commercial districts and major shopping malls. In the near term, we expect only

limited contributions to company earnings below the consolidated OP line and modest

impact on the balance sheet. However, we believe the deal is meaningful at least from the

perspective of increasing market share in South Korea. Although ABC-MART is already the

leading multi-brand retailer in South Korea, its share of the overall market is not

particularly high, suggesting continued room for growth. Over the medium term, the

company aims to open upscale Grand Stage-format stores in South Korea, as it has done in

Japan, and to accelerate store openings for each format.