Mardi Mercredi’s Pispis Studio Moves Toward KOSDAQ Listing

Peace Peace Studio (CEOs Park Hwa-mok and Seo Seung-wan), the company behind contemporary fashion brand Mardi Mercredi, has entered the full-scale process toward a KOSDAQ listing.

Peace Peace Studio’s proposed IPO price range is 19,000 to 21,500 won per share, with 2,272,637 shares to be offered. The total offering is valued at approximately 43.2 billion to 48.9 billion won, and the market capitalization at listing is projected at 269.3 billion to 304.8 billion won. Mirae Asset Securities and NH Investment & Securities will serve as joint lead underwriters.

Peace Peace Studio was incorporated in 2020 and has continued rapid growth centered on its brand “Mardi Mercredi,” built on distinctive IP (intellectual property). Revenue, which stood at 800 million won at the time of incorporation in 2020, reached 113.8 billion won in 2024, entering the “100 billion won club” in a short period. This achievement came just four years after incorporation and about seven years after the brand’s launch. Sales in 2025 are estimated at around 117.9 billion won, maintaining a steady growth trajectory.

Mardi Mercredi is a brand with powerful IP. Starting with its signature “Flower Mardi” graphic, it has consistently introduced icons that embody the brand’s identity—such as “Ddanji” and “Flower Blossom”—building a distinctive brand image and a lineup of hit products. As a leading K-icon brand, its IP strength has also shone in global markets, driving collaborations with top-tier global brands including Crocs, CASETiFY, Puma, and Moleskine. A large-scale collaboration lineup is also already confirmed through 2027. This underscores that Mardi Mercredi is being recognized as a content company that goes beyond a simple fashion brand, and the company plans to focus its capabilities on reinventing itself as a “global IP” company with limitless scalability.

In addition to its women’s collection, Mardi Mercredi has diversified its categories—spanning kids (Le Petit), sports (Actif), shoes (Les Pommes), and a pet line—building a solid lineup that covers lifestyle overall. In 2024, it expanded its portfolio by acquiring “Hello Sunrise” and successfully launching “Vacant Archive,” laying the foundation for sustainable growth.

One of Peace Peace Studio’s strengths lies in its high-profit structure, boasting strong operating margins rather than mere top-line growth. It maintained operating margins of 39.2% in 2022, 35.6% in 2023, and in the 24.7% range in 2024. At the core is a robust fandom and a D2C (Direct to Consumer) strategy centered on its own online store. Membership on its direct-to-consumer site, which stood at 60,000 in 2023, has grown about 7.5 times to 450,000 today, and average daily sales reach 150 million to 200 million won. This is seen as a successful example of a high value-added D2C model built on a strong fandom as a core asset while reducing reliance on external platforms with high commissions. That powerful owned-channel performance was proven last November during “Black Mardi Week,” which recorded an astonishing 19.2 billion won in transaction volume over seven days.

Building on its success in the domestic market, Peace Peace Studio is also achieving notable results on the global stage. In 2024, starting with the opening of a flagship store in Daikanyama, Tokyo, it achieved annual sales of 3.7 billion won within just one year of entering Japan. Continuing its steep growth—such as opening 34 stores in 2024—Peace Peace Studio is preparing for a second leap forward through direct entry into China and expansion across Southeast Asia in 2026. Direct entry into China beginning in 2026, following the end of its licensing agreement, is expected to be a turning point in securing leadership in global markets, and the company plans to expand brand influence worldwide without limit by steadily establishing new footholds each year. It has already demonstrated its unrivaled status, with monthly search volume on China’s largest social platform, Xiaohongshu, surpassing 200 million.

A brand representative said, “This KOSDAQ listing will allow the value of Mardi Mercredi’s IP to be fully recognized and will serve as a milestone on our path toward becoming a global fashion house,” adding, “Based on our unrivaled brand power and global business capabilities, we plan to elevate the stature of K-fashion and grow into a company that the world is watching.”