The race for W Concept Korea Co., a popular South Korean online fashion mall, is hot.

Its owner IMM Private Equity and sale advisor Citigroup Global Markets Korea Securities reportedly received six or seven bids in the preliminary auction for W Concept Korea held on Wednesday. The bids came from strategic and financial investors both at home and abroad.

Shortlist will become available by next week, and a preferred bidder picked in mid-January.

W Concept Korea is estimated to be worth 400 billion won ($360 million), quadrupling what IMM paid back in October 2017.

Previously, W Concept Korea had been a part of SK Networks. It was spun off as a standalone company in 2008 then sold to the Seoul-based buyout firm.

W Concept Korea sells about 6,200 brands as of June this year, which is 2.5 times more than the end of 2016. Transaction amount for full 2020 is estimated at 245 billion won, nearly tripled from three years ago.

By Kang Doo-soon, Kang Woo-seok, and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]