"Making 100 Billion Won with a Single Flower, Leading to a Listing Jackpot"... Peace Peace Studio, Which Conquered K-Fashion, Passes the Kosdaq Preliminary Review

Peace Peace Studio, which caused a K-fashion sensation with the women's clothing brand 'Mardi Mercredi', has crossed the nine-tenths mark of its initial public offering (IPO). According to a disclosure by the Korea Exchange (KIND), Peace Peace Studio's preliminary review for a Kosdaq listing, filed on December 17, 2025, was finally approved as of March 26, 2026. NH Investment & Securities and Mirae Asset Securities acted as co-underwriters, and the number of shares scheduled for listing is 14,172,151, with the number of shares scheduled for public offering at 2,380,000.

A Mere 20 Million Won and Three Failures... The Dramatically Blooming 'Mardi Flower'

Paradoxically, it was a painful failure that made Peace Peace Studio what it is today. CEO Park Hwa-mok, a former graphic designer, launched the menswear brand 'Peace Peace' in 2010, but failed completely, ignoring market needs and relying only on his own senses, leaving him with a mere 20 million won in hand. Later, in 2018, along with his wife, Director Lee Soo-hyun, a former luxury brand buyer who knows exactly 'what sells', he launched 'Mardi Mercredi', taking one letter from each of their names.

Although there were three consecutive failures, such as getting hit with a massive inventory burden from the very first season, a turning point was reached in 2020 by introducing the signature graphic 'Mardi Flower', which can imprint the brand from afar. Originally intended to be used for only one season and discarded, this flower graphic became an explosive mega-hit and established itself as a powerful IP that symbolizes the brand today.

[Source: Mardi Mercredi Homepage]

"There Has Never Been Such Profitability" 100 Billion Won in Sales in 6 Years

Following the birth of the Mardi Flower, Peace Peace Studio has been on a phenomenal growth trajectory. Sales, which were 800 million won in 2020, the first year of corporate establishment, went through 37.3 billion won in 2022 and recorded 113.8 billion won in 2024, breaking through the 100 billion won mark in 6 years.

What surprised the industry was not just sales growth. The operating profit margins in 2022 and 2023 were nearing 40%. Considering that the average profit margin of general listed domestic clothing companies is below 7-10%, this is an unrivaled net profitability.

Another key weapon that drove the listing is its formidable overseas expansion performance. Currently, Mardi Mercredi's overseas sales account for 30% of the total. In China, following the opening of more than 10 stores in major cities such as Shanghai and Shenzhen, the company is aiming for both cost reduction and external expansion by reorganizing the distribution structure through direct entry via local distributors. It is also aggressively expanding its stores into Taiwan, Hong Kong, and Thailand.

Smashing the Fashion Industry 'Discount' and Passing the Listing Preliminary Review

Usually, fashion companies often receive conservative valuations (discounts) in the stock market due to the limitations of being subject to trends and seasons. Peace Peace Studio also initially considered a valuation of 1 trillion won on the Kospi, but taking market conditions into account, it adjusted its expectations realistically and pivoted to the Kosdaq.

Nevertheless, passing the listing preliminary review is highly significant in that it proved Mardi Mercredi to be a company with a 'strong global IP asset' beyond a temporary trend. CEO Park Hwa-mok has previously revealed his ambitions for listing, stating, "The preparation process for listing itself makes the company healthy and transparent," and "I want to create a model where a brand that started in Korea proceeds to listing solely with its own IP."

Peace Peace Studio is expanding its scope beyond women's wear into kids' lines (Les Petits), sports and golf wear (Actif), and pet wear as well as overall lifestyle. Market expectations are focused on how their listing story, armed with solid planning ability and global expansion power that rose from failure, will remain as a 'classic' in the South Korean fashion industry.