April 19, 2024

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[THE INVESTOR] PANKO, a South Korean clothing manufacturer supplying to Japan’s Uniqlo, is seeking an initial public offering next year, Maeil Economic Daily reported on Feb. 20.

The firm plans to select the deal’s lead manager within the first quarter this year. After determining the IPO price, it plans to be listed on KOSPI by the end of next year. 

Established in 1985, PANKO has focused on the Japanese market and has become a main supplier for Uniqlo, Japan’s No.1 casual wear retailer. Its client companies in the US and Europe include Forever 21, Theory and Michael Kors.

PANKO has shown a steady growth in sales performance on the global popularity of SPA, or fast fashion, brands. Its sales rose 4 percent on-year in 2015, reaching 244 billion won (US$213.07 million), and operating profit and net profit respectively posted 21.4 billion and 9.3 billion won in the same year. Its sales last year surged 15 percent on-year.

Once it goes public, PANKO said it will ramp up its overseas manufacturing facilities. The company is currently creating a 1.94 million square-meter industrial complex in Danang, Vietnam, which market watchers predict to become a foothold for its global expansion.

By Park Yuna (yunapark@heraldcorp.com)