Piecespiecestudio, the operator of fashion brand Mardi Mercredi, has begun its formal process for listing on the KOSDAQ market, the company said Tuesday.
The company's indicative offering price range is 19,000 to 21,500 won per share, with 2,272,637 shares to be offered. The total offering size is between 43.2 billion won and 48.9 billion won, valuing the company at 269.3 billion won to 304.8 billion won at listing. Mirae Asset Securities and NH Investment & Securities are serving as joint lead underwriters.
Founded as a corporation in 2020, Piecespiecestudio has grown rapidly on the back of Mardi Mercredi's popularity. Revenue surged from 800 million won at the time of incorporation to 113.8 billion won in 2024. Last year's revenue stood at approximately 117.9 billion won.
Mardi Mercredi is widely recognized for its "Flower Mardi" graphic featuring oversized petal motifs. The brand has collaborated with global names including Crocs, Casetify, Puma and Moleskine, and has finalized a large-scale collaboration lineup running through 2027. Beyond its women's collection, the brand offers kids (Le Petit), sports (Actif), shoes (Les Pommes) and pet lines.
The company emphasized that its solid fan base and a direct-to-consumer (D2C) strategy centered on its own website have translated into high operating margins. Piecespiecestudio posted operating margins of 39.2% in 2022, 35.6% in 2023 and 24.7% in 2024. In overseas markets, the company opened a flagship store in Daikanyama, Tokyo in 2024 and generated 3.7 billion won in annual sales within its first year in Japan. It opened 34 stores in Japan alone in 2024, and plans to enter China directly and expand into Southeast Asia this year.
Separately, Mardi Mercredi recently launched officially on Coupang. "We will strengthen our partnership so that customers can quickly and conveniently access trendy designer brands through Rocket Delivery," a Coupang official said.
