Shinsung Tongsang

What Shinsung Tongsang does

Shinsung Tongsang Co., Ltd. (founded 1974, Seoul, South Korea) is a vertically integrated Specialty retailer of Private-label Apparel (SPA) company that designs, manufactures, and retails six proprietary fashion brands — TOPTEN10, TOPTEN KIDS, OLZEN, ZIOZIA, AND Z, and EDITION — plus the TOPTEN BABY sub-line, Goodwear Mall e-commerce platform, and the Rich Mart lifestyle shopping mall in Yangju, Gyeonggi Province. The company combines a domestic Korean retail franchise (own stores, Goodwear Mall, pop-ups, distribution) with a B2B apparel export business executed through seven wholly-owned overseas subsidiaries in China, Vietnam, Indonesia, Bangladesh, Myanmar, Nicaragua, and the United States (including HABAC Export Garment JSC, ISTMO Textiles S.A., CSA Textiles S.A., and PT. Shinsung Grand Indonesia).

For FY2024-25 (period ending 2025-06-30), the company reported total revenue of 1,476,972 million KRW (~78% domestic / 22% export), operating income of 74,488 million KRW, and net income of 59,654 million KRW, on total assets of 1,199,394 million KRW and equity of 547,021 million KRW. Proprietary fabric technologies include COOLAir Cotton (double-knit cooling inner layer), Better Denim (ozone/steam pre-wash with 71% water reduction, laser finishing, Better Cotton and recycled cotton), Regen recycled polyester developed with Hyosung TNC, and a Virtual Product Development pipeline using 3D fabric analysis, 3D fitting, 3D grading, and digital twin technology.

The go-to-market model is dual-channel: a direct-to-consumer retail and e-commerce business targeting mass-market Korean consumers across men's, women's, and children's segments, paired with an OEM/ODM B2B export business serving international apparel buyers. Pricing is not publicly disclosed; the company emphasizes affordable quality through its direct overseas sourcing system. In July 2025 the company approved a delisting decision (going-private transaction) led by controlling shareholders Canaan (가나안) and Edition Fashion (에디션패션) via tender offer, with formal delisting application submitted in August 2025. The current Representative Director and CEO is Taesoon Yeom.

Name

Shinsung Tongsang

Legal name

Shinsung Tongsang Co., Ltd.

Website

https://ssts.co.kr

Company type

Private

Founded year

1974

Operating status

Operating

Headcount range

51–100 employees

Short description

Shinsung Tongsang is a Korean SPA fashion company founded in 1974 that operates six proprietary apparel brands including TOPTEN10 and TOPTEN KIDS, plus an e-commerce platform. It runs vertically integrated manufacturing across seven overseas subsidiaries with FY2024-25 revenue of approximately 1.48 trillion KRW.

Ownership category

akta.pro rank

Product category

Apparel Retail

NAICS

Clothing and Clothing Accessories Retailers (45811), Clothing, Clothing Accessories, Shoe, and Jewelry Retailers (458)

SIC

Retail-Apparel & Accessory Stores (5600), Wholesale-Apparel, Piece Goods & Notions (5130)

akta.pro primary industry

Apparel OEM/ODM & Private Label Manufacturing (CRAAAAAK)

Keywords

• SPA apparel brands
• Private-label fashion
• Apparel export services
• Eco-friendly textiles
• Multi-brand retail

Headquarters

HQ city

Seongnae

HQ country

South Korea

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Apparel Export: B2B apparel manufacturing and export business serving global customers through overseas subsidiaries in Asia (China, Vietnam, Indonesia, Bangladesh, Myanmar), Central America (Nicaragua), and the United States. The company operates as an OEM/ODM for international buyers.
2. Domestic Fashion Brands: Sale of proprietary SPA brands (TOPTEN10, TOPTEN KIDS, OLZEN, ZIOZIA, AND Z, EDITION) through owned retail stores, e-commerce platform (Goodwear Mall), and distribution channels in Korea. Revenue from multiple fashion sub-brands targeting different market segments including men's, women's, and children's apparel.
3. Distribution/Retail: Operation of lifestyle-focused shopping malls including Rich Mart, and retail stores that include various lifestyle convenience stores. Mid-sized shopping mall business in Yangju, Gyeonggi Province.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Shinsung Tongsang Co., Ltd. designs, manufactures, and sells private-label apparel under six proprietary SPA brands — TOPTEN 10, TOPTEN Kids, OLZEN, ZIOZIA, AND Z, and EDITION — through owned retail stores, the Goodwear Mall e-commerce platform, and overseas export operations. The company also operates the Rich Mart distribution network and develops proprietary eco-friendly fabric technologies (COOLAir, Better Denim, Regen) for its apparel lines.

Product overview

Shinsung Tongsang operates a multi-brand SPA fashion portfolio consisting of six distinct brands: TOPTEN 10 (main brand), TOPTEN Kids with its TOPTEN BABY sub-line, OLZEN (modern casual), ZIOZIA (men's fashion), AND Z, and EDITION. The company engages in apparel exports through a global manufacturing network across Asia and Central America, domestic fashion retail, and distribution through its Rich Mart shopping centers. The Goodwear Mall e-commerce platform serves as the online channel for all brands.

Differentiator

Problem solved

Functional benefit

Brands

• TOPTEN 10: Main SPA brand offering high-quality clothing at affordable prices with the 'Good Wear' slogan
• TOPTEN Kids
• OLZEN
• ZIOZIA
• AND Z
• EDITION
• Goodwear Mall
• TOPTEN BABY
• Balance

Products and services

• TOPTEN 10

Quantifiable outcome

• TOPTEN ranked #1 in SPA Brand category for 4 consecutive years (2021-2024) at Korea Brand of the Year Awards
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

14 partnerships are on record, tiered core and minor.

• Gangdong Women's Human Resources Development CentercoreStrategic or Co-development Partner · 1 February 2025TOPTEN10 partnered with Gangdong Women's Human Resources Development Center to support women's employment. Launched 'Family Partner (Housewife Employee)' program for women with career gaps, including 4-week internship and full-time employment assessment.
• Ace BedminorStrategic or Co-development Partner · 1 February 2025TOPTEN KIDS partnered with Ace Bed (children's bed manufacturer) for 'Good Night, Big Dreamers!' campaign promoting healthy sleep for children. Includes campaign video, 'Science of Sleep Formula' video series, and quiz events with prizes.
• About MomentcoreGTM or Marketing Partner · 1 February 2025Artist collaboration for 2025 TOPTEN10 80th Anniversary of Korea's Liberation 'TIME&TIME' campaign. Special edition t-shirts reinterpret meaning of liberation in modern context with playful and stylish designs.
• Historian Choi Tae-sungminorStrategic or Co-development Partner · 1 February 2025TOPTEN KIDS collaborated with historian Choi Tae-sung to create educational content on Korea's liberation history and independence movements for children as part of 'TIME&TIME - Shining History, Shining Tomorrow' campaign.
• Universal MusicminorGTM or Marketing Partner · 1 January 2025Collaboration featuring vintage album artwork of iconic global artists (The Rolling Stones, Queen, Def Leppard, The Black Crowes) in 'MEET THE MUSIC' product line.
• WWF KoreacoreStrategic or Co-development Partner · 1 September 2024TOPTEN KIDS partnered with WWF (World Wide Fund for Nature) Korea to launch the 'SAVE US' campaign for protecting endangered animals. Released special product line themed around endangered animals with portion of proceeds donated to WWF's conservation efforts. TOPTEN KIDS donated 10 million KRW to WWF in October 2024.
• Korea Coast GuardminorStrategic or Co-development Partner · 1 June 2024TOPTEN KIDS collaborated with Korea Coast Guard for 'Safety Starts with Me' children's water safety campaign. Co-produced animated video featuring water safety rules with mascots Haenuri and Haeuri, and quiz events.
• Road Traffic AuthorityminorStrategic or Co-development Partner · 1 June 2024TOPTEN KIDS collaboration for 'Zero Child Traffic Accidents Campaign' producing and distributing reflective T-shirts to improve children's visibility.
• Korea Electric Power CorporationminorStrategic or Co-development Partner · 1 January 2024'Energy Saving Campaign' collaboration creating SAVE ENERGY T-shirts to promote energy conservation awareness.
• UNICEF KoreaminorStrategic or Co-development Partner · 1 January 2023TOPTEN raised 50 million KRW through online and offline campaigns to support UNICEF's global projects for clean water, sanitation, and health for children worldwide.
• Goodwill StoreminorStrategic or Co-development Partner · 1 January 2023'Happiness Sharing Campaign' with Goodwill Store - installed donation boxes at major stores and headquarters to collect goods for donation.
• Seoul CityminorStrategic or Co-development Partner · 1 August 2022MOU with Seoul City for recycled fiber clothing development. Products made from Regen Seoul recycled fiber sourced from PET bottles collected in Seoul were produced under TOPTEN's Eco-rea line and distributed to recycling facility workers.
• Hyosung TNCcoreStrategic or Co-development Partner · 1 March 2022Partnership for joint development of new materials and eco-friendly products. Regen recycled polyester fiber made from transparent PET bottles is being used to create and supply eco-friendly materials.
• Cultural Heritage AdministrationminorGTM or Marketing Partner · 1 January 2019'Moment Campaign' releasing T-shirts promoting value and preservation of Korea's natural heritage.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Fast Retailing (Uniqlo): Global SPA leader operating Uniqlo and other brands with vertically-integrated manufacturing. Comparable as a global SPA benchmark; competes directly with Shinsung Tongsang in Korean value-fashion retail but operates at far greater scale.
• Industria de Diseño Textil (Inditex / Zara): Global fast-fashion SPA group operating Zara, Bershka, Pull&Bear and others with vertically integrated supply chain. Comparable as a global SPA benchmark competing in the same Korean value-fashion segment.
• H & M Hennes & Mauritz: Global fast-fashion SPA with broad multi-country retail and owned manufacturing/sourcing operations. Comparable to Shinsung Tongsang's SPA retail model and global sourcing footprint; competes in Korean retail.

Direct peers

• Hansae Co., Ltd. Korean apparel OEM/ODM manufacturer serving global mass-market brands, with factories in Vietnam, Indonesia, and other low-cost geographies. Direct comparable to Shinsung Tongsang's B2B export manufacturing operations.
• Youngone Corporation: Korean apparel manufacturer and exporter producing for global brands, with manufacturing operations in Bangladesh, Vietnam, and Pakistan. Comparable to Shinsung Tongsang's export/OEM-ODM business and overseas manufacturing footprint.
• F&F Co., Ltd. Korean SPA holding company operating multiple fashion brands (MLB Korea, Discovery, MLB Kids, Duvetica) through domestic retail and licensing. Most directly comparable to Shinsung Tongsang as a multi-brand Korean SPA with both owned brands and brand-licensing revenue streams.
• E-Land World: Korean SPA conglomerate operating apparel brands including SPAO, ROEM, NICE CLAUP, and MIXXO. Closely comparable to Shinsung Tongsang's mass-market SPA portfolio and Korean retail footprint, with similar target customer (value-conscious families).

Emerging players

• LF Corp: Korean fashion holding company owning brands such as Hazzys, DAKS, and TNGT with both domestic retail and wholesale distribution. Comparable to Shinsung Tongsang's multi-brand portfolio strategy and Korean retail distribution.
• Taekwang Industrial: Korean textile and apparel manufacturer with significant overseas (Vietnam) manufacturing operations for global brands. Comparable to Shinsung Tongsang's overseas manufacturing footprint and export-driven revenue stream.

Others

• Hyosung TNC: Korean textile manufacturer and Shinsung Tongsang's partner for the Regen recycled-polyester platform. Comparable as a strategic supplier in the eco-friendly apparel materials value chain that supports Shinsung Tongsang's proprietary fabric program.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@topten10_official
• Instagraminstagram.com/topten10_official
• LinkedInlinkedin.com/company/shinsung-tongsang-co-ltd-005390-

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shinsung Tongsang