Musinsa's RCPS Debt of 82.43B Won Pressures IPO Valuation Ahead of 10T-Won Target

According to The Fact, as of 2025 year-end, Musinsa's RCPS-related financial costs of 129.5 billion won—comprising interest accretion of 87 billion won and derivative valuation losses of 42.5 billion won—exceeded the company's operating profit and significantly reduced net income to only 7.7 billion won, down from operating profit of 140.5 billion won.

Musinsa classified total RCPS-related current liabilities of 824.3 billion won on its balance sheet, with 494.5 billion won of contractually redeemable amounts due within 12 months. Cash and equivalents stood at only 121.5 billion won on a standalone basis, creating a potential liquidity mismatch as the company pursues its IPO at a targeted valuation of 10 trillion won.