[IPO] Piecepiece Studio "Aiming to Become a Global Lifestyle Company Based on Proprietary IP and D2C Strategy"

Seungwan Seo, CEO of PeacePeace Studio, is giving a presentation at an IPO press conference. Provided by PeacePeace Studio

Piecepiece Studio has unveiled its blueprint to become a sustainable global lifestyle company ahead of its KOSDAQ listing, leveraging its proprietary intellectual property (IP), a direct-to-consumer (D2C) strategy, and global market expansion.

On May 18, Piecepiece Studio held an IPO press conference in Yeouido, Seoul, where it presented its core competencies and mid- to long-term growth strategies following the listing. The event was attended by key executives, including CEO Hwamoak Park and CEO Seungwan Seo.

The company outlined its key growth strategies as follows: strengthening brand competitiveness based on proprietary graphic IP; advancing its D2C model centered on its own online mall; building a multi-brand portfolio; and expanding direct entry into China as well as global market outreach. Piecepiece Studio communicated its vision to grow beyond a mere fashion brand into a global total lifestyle IP company.

Since launching the Mardi Mercredi brand in 2018 and transitioning to a corporation in 2020, Piecepiece Studio has grown steadily. Currently, the company operates a multi-brand portfolio centered on Mardi Mercredi, which includes Actif, Les Petits, Les Pompes, VACANT Archive, and Hello Sunrise.

The company identified proprietary graphic IPs such as 'Flower Mardi' and 'DDANJI' as its core strengths. With a business model based on proprietary IP, it explained that it can expand into new countries, categories, and distribution channels without incurring royalty expenses. In fact, the company's revenue grew from 37.3 billion won in 2022 to 117.8 billion won in 2025, with the proportion of revenue from new brands and expanded lines increasing thanks to the expansion into new categories such as athleisure, shoes, and kids.

The D2C strategy also delivered remarkable results. Revenue from the company’s own channels jumped from 880 million won in 2021 to 66.3 billion won in 2025, with the share of direct channel revenue rising from 5.8% to 64.7% of total sales. During the same period, the cumulative number of members surged from around 8,400 to about 430,000.

The company explained that this has enabled it to internalize customer data and brand fandom, establishing a long-term profit structure based on repeat purchases and marketing efficiency.

Overseas market expansion is also accelerating. In Japan, the company achieved the top sales on the first day of its pop-up store at the main Isetan department store, and recorded 150 million won in sales on the first day of its launch on ZOZOTOWN. Japanese sales increased from 12.8 billion won in 2024 to 13.8 billion won in 2025.

Additionally, the company expanded its distribution network to Greater China and Southeast Asian markets, including Hong Kong, Macau, Taiwan, Thailand, Indonesia, and Malaysia, achieving sales of 22.4 billion won in 2025. Total overseas sales surged from 1.1 billion won in 2022 to 125 billion won in 2025, and the company aims to raise the overseas sales proportion to 50% in the future.

In particular, direct entry into the Chinese market was highlighted as a core growth driver. The company signed a licensing agreement with FILA’s China subsidiary in 2021 to establish a foothold in the market, and sales in China grew from 1.1 billion won in 2022 to an estimated 88.6 billion won in 2025.

To overcome the limitations of the licensing model, the company shifted to a direct entry strategy. In April this year, it established the local subsidiary 'Mardi Mercredi Shanghai Co., Ltd.' in China, and in May, signed an integrated logistics and e-commerce operation contract with Ningbo Yeje, a specialized Chinese e-commerce operator.

Online, the company plans to focus sales on Tmall while expanding inflow channels via Douyin, Xiaohongshu, and WeChat. Offline, starting with a flagship store in Shanghai's Anfu Road area in the second half of this year, the company intends to expand into major cities such as Beijing and Guangzhou, thereby establishing an integrated on- and offline distribution system. The company has set a target of achieving 100 billion won in sales in China by 2028.

CEOs Hwamoak Park and Seungwan Seo stated, "We have proven our profitability in Korea based on proprietary IP and confirmed global demand in Japan and China. With our listing as a catalyst, we will actively expand our brand territory, pursue direct entry into China, and broaden our global channels to grow into a sustainable global lifestyle company."

Meanwhile, Piecepiece Studio will offer 2,272,637 shares in its upcoming KOSDAQ listing. The desired IPO price band is set at 19,000 to 21,500 won per share, with the planned offering amounting to approximately 43.2 billion to 48.9 billion won. The demand forecast will be conducted until May 20, and the general subscription will take place over two days, May 26 and 27. The anticipated listing date is in early June. Mirae Asset Securities and NH Investment & Securities are serving as joint lead underwriters.

This content was produced with the assistance of AI translation services.