This article was published on April 23, 2025, at 3:53 p.m. on the ChosunBiz MoneyMove website.
The fashion brand Espionage, invested in by the fashion platform Namsung, is up for sale. Espionage is a menswear brand that advocates American casual wear based on military and workwear.
According to investment banking (IB) sources on the 23rd, Espionage is looking for a buyer for its management rights. The operating company, Warehouse, owns 85% of the equity, while Namsung holds the remaining 15%.
Warehouse is reported to be seeking a total corporate value around 2 billion won. Espionage received a strategic investment from Namsung in 2021, and it remains undecided whether that equity will also be sold.
Founded in 2011, Espionage sells clothing and fashion items through various online and offline distribution channels. The brand has significantly grown by being featured on Namsung, a major player in the online fashion platform market.
Warehouse's revenue was limited to 2.2 billion won in 2020, but it grew to 19.7 billion won by 2024. The operating profit also increased from 100 million won to 2.2 billion won during the same period. However, last year's operating profit was somewhat sluggish compared to 2.9 billion won in the previous year (2023).
Recently, the IB industry has pointed to 'K-Fashion' as the next player after 'K-Beauty.' A contact in the IB sector noted, "The corporate values of cosmetics companies have risen rapidly, but there are burdensome aspects to entering now," adding, "Consequently, private equity fund (PEF) firms are increasingly showing interest in fashion brands that share traits with cosmetics companies."