South Korean D2C startup, BrandX Corporation, is preparing for an initial public offering (IPO) next month after passing a preliminary screening with the Korea Exchange.
The company boasts several brands, including xexymix, Marcio Diego, and mix2mix, which saw revenues of KRW 64.1 billion (USD 53 million) and an operating profit of KRW 9.9 billion (USD 8.2 million) in 2019.
The valuation for the IPO is projected to be KRW 800 billion (USD 670 million).
Meanwhile, Blank Corporation is also reportedly a strong candidate for an IPO, having seen revenues grow 138% annually since its launch in 2016, with profits surpassing 10% of revenue in all years except 2019.
However, the company faces competition from the private brands of legacy retailers and e-commerce players, as well as new entrants to the market.
Blank Corporation has launched 20 brands to differentiate itself and is experimenting with YouTube as a survivor event platform.
Who invested in the Blank Corporation?
| Stage | Time | Amount | Investors |
| Series B | Apr. 2018 | KRW 6.5B (USD 5.4M) | Softbank Ventures (JP) |
| Series B | Mar. 2018 | KRW 15B (USD 12M) | UNION INVESTMENT PARTNERS(KR) SBI Investment (JP) |
| Series A | Jul. 2017 | KRW 10B (USD 8.3M) | Softbank Ventures (JP) |
