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Business of Fashion
28 minutes ago
- Business of Fashion
KKR-Backed Korea Fashion Retailer Musinsa Considering IPO
KKR & Co. Inc.-backed South Korean Musinsa Co. is considering an initial public offering and has invited several investment banks to submit proposals to serve as lead managers. Musinsa did not disclose IPO details, but local media have reported the Seoul-based company could seek a valuation of about 10 trillion won ($7.2 billion) during the listing, potentially minting a fortune for founder Cho Man-ho. Musinsa said it will discuss details including timing and size of the IPO after selecting arrangers. Cho founded the business in 2001 and transformed it into a global fashion platform from a niche streetwear site over two decades. Musinsa operates Korea's leading online fashion platforms — 'Musinsa' and women-focused '29cm' — drawing about 7 million and 3 million monthly active users, respectively. Musinsa's global store, launched in 2022, has grown rapidly, with transaction volume rising at an average annual rate of 260 percent. By the end of April, the store had reached 3 million monthly active users. ADVERTISEMENT KKR and Wellington Management Group invested about 200 billion won in Musinsa in 2023, which valued the company at around 3.5 trillion won, Musinsa previously said. The company could list either in Korea or the US as early as 2026, the local media reported. Musinsa's 2024 sales climbed 25 percent to 1.2 trillion won, and it swung to an operating profit of 102.8 billion won from a loss the previous year, according to company filings. That momentum continued into the first quarter of 2025, when it posted an operating profit of 17.6 billion won. By Shinhye Kang Learn more: Musinsa: The K-Fashion Ecosystem Goes Global The expanding popularity of K-culture is helping South Korean brands and retailers like Musinsa gain global recognition, explains CEO in an interview for The State of Fashion 2024.
New York Post
an hour ago
- New York Post
FDA proposes way to cut sugar in orange juice without changing the taste
The U.S. Food and Drug Administration (FDA) is proposing an update to a decades-old orange juice rule that could give American citrus growers a boost — with little to no change in the taste of the popular breakfast staple, experts say. For the first time since 1963, the agency wants to lower the minimum sugar content required in pasteurized orange juice. Advertisement The proposal, announced on Aug. 6, would drop the required Brix level — a measure of dissolved solids, mostly natural sugars — from 10.5% to 10%. The shift aligns with the natural Brix levels now present in American oranges and corresponds to about 1 gram less of sugar per 8-ounce serving, from 18 grams to 17 grams, per the FDA. The change stems from a 2022 petition by the Florida Citrus Processors Association and Florida Citrus Mutual in which they said the average Brix level of Florida oranges was 9.7 in 2022–23. The current standard was established in 1963 when Florida oranges averaged 11.8 Brix. Severe weather and citrus greening disease have lowered Brix levels in fruit, forcing producers to import sweeter juice – often from Mexico and Brazil – to blend with theirs in order to meet federal standards, according to the FDA. Advertisement 4 The FDA is proposing an update to a decades-old orange juice rule that could give American citrus growers a boost — with little to no change in the taste of the popular breakfast staple, experts say. alter_photo – 'For years, we've been wasting beautiful American oranges simply due to an outdated regulation, while relying on a high volume of imports,' FDA Commissioner Marty Makary said in a statement. The change would reduce dependency on imports, potentially saving orange producers more than $50 million annually, the agency estimated. Growers could still make higher Brix juice if supplies allow, according to the FDA. Advertisement Uncle Matt's Organic, which makes a variety of juices, lemonades and iced teas, will not be lowering its Brix levels, co-founder Susan McLean said. 4 For the first time since 1963, the agency wants to lower the minimum sugar content required in pasteurized orange juice. Nitr – 'Uncle Matt's Organic orange juice contains no added sugar,' she told Fox News Digital. 'The naturally occurring sugar content comes directly from the fruit itself, and our Brix is consistently above 11.8, which is well above the minimum threshold.' But the Florida-based company supports the FDA's proposal. Advertisement 'The update will allow struggling growers to market their fruit more effectively without compromising transparency or food safety,' McLean said. The move is part of the FDA's review of over 250 Standards of Identity (SOIs), federally defined rules that spell out what certain foods must contain, and sometimes how they are made, in order to be marketed under a specific name. 'The agency is working to ensure its rules are science-based, relevant and responsive to today's food supply and consumer needs,' the FDA said in a statement. A public comment period on the proposed rule is open until Nov. 4. The FDA is also seeking feedback on whether to lower the Brix level further. Shannon Shepp, executive director of the Florida Department of Citrus, which has long supported the Brix adjustment, said the industry is not advocating for eliminating standards. 'We support science-based updates that reflect current growing conditions, while protecting Florida oranges, our growers and the future of Florida orange juice,' Shepp told Fox News Digital. 'These standards are created in a spirit of honesty, so that consumers know exactly what they are getting from properly labeled products.' Advertisement 4 'For years, we've been wasting beautiful American oranges simply due to an outdated regulation, while relying on a high volume of imports,' FDA Commissioner Marty Makary said in a statement. AP Bryan Quoc Le, a California food scientist and author of the book '150 Food Science Questions Answered,' told Fox News Digital the change in sugar content will not greatly alter the overall composition of the orange juice. 'There may be very minor changes in flavor profile, fiber content and other components that come along with orange juice, but ultimately this will not be particularly noticeable from either a health or an industry standpoint,' he added. The public health impact would be minimal, agreed Dr. Michael Ednie, a Florida-based doctor who is also a registered dietitian. Advertisement 4 The move is part of the FDA's review of over 250 Standards of Identity (SOIs), federally defined rules that spell out what certain foods must contain, and sometimes how they are made, in order to be marketed under a specific name. AP 'Orange juice has been criticized for its sugar content because drinking lots of sugary beverages – including fruit juices – can increase risks of health problems, like diabetes and tooth decay,' Ednie told Fox News Digital. Nutrition guidelines already recommend drinking fruit juice in moderation, he noted. 'So, the main message for public health stays the same: Orange juice is best enjoyed in reasonable amounts as part of a balanced diet.'
Business Insider
an hour ago
- Business Insider
B Dash Ventures and Hashed Announce Sponsors and Main Speakers for Blockchain Leaders Summit Tokyo 2025
B Dash Ventures Inc., a leading venture capital firm in Japan, and Hashed, a global leading Web3 venture capital firm, today announced the sponsors and featured speakers for the Blockchain Leaders Summit Tokyo 2025 (BLS Tokyo 2025), taking place on August 27, 2025. This year's summit distinguishes itself with Hub71, the Abu Dhabi–based tech ecosystem backed by Mubadala Investment Company, one of the UAE's largest sovereign wealth funds, signing on as the Title Sponsor. This partnership shows BLS Tokyo's role in bridging across Asia, fostering collaboration between Japan's Web3 innovators and the rapidly expanding UAE technology ecosystem. On top of Hub71's commitment, leading global Layer 1 projects such as Aptos, Avalanche, Solana, and Sui will participate as Platinum sponsors, where SMBC Nikko Securities, one of Japan's top securities firms, and DeFimans, a Japan-based Web3 business consultancy, will also be joining, further demonstrating the event's influence and stature. In addition, up and coming Web3 innovators are also sponsoring the event, including Solayer, waveX, World, Backpack Exchange, Blockdaemon, Humanity Protocol, IOST, INTMAX, LayerZero, Minara, Nethermind, Presto, Stacks, The Sandbox, and Uniswap Labs, along with Japan-based prominent Web3 players and exchanges such as NOT A HOTEL DAO, YOUR RIGHTS, bitFlyer, and Japan Open Chain. Their participation solidifies BLS Tokyo's position as a comprehensive bridge platform connecting the Japanese and global Web3 ecosystems. Featured speakers include Masao Shimazaki, Deputy Director-General of the Strategy Development and Management Bureau at Financial Services Agency(JFSA), Government of Japan; Caroline D. Pham, Acting Chairman at the U.S. Commodity Futures Trading Commission (CFTC); Peter Abou Hachem, Head of Growth & Strategy at Hub71; Ala Shaabana, Co-founder at Bittensor; Yat Siu, Co-founder and Executive Chairman at Animoca Brands; Genki Oda, Chairman at JVCEA (Japan Virtual and Crypto assets Exchange Association); Makoto Kimura, CEO at YOUR RIGHTS and former board member at MAPPA; David Allan Katz, Vice President, Strategy and Policy for Asia Pacific at Circle Internet Group; Ken Kashiwagi, Partnerships & Strategic Intiatives Lead, Japan at Mysten Labs. Simon Kim, CEO of Hashed, remarked, 'The Blockchain Leaders Summit 2025 is not merely a convergence of technology and capital; it is a stage for designing a new order of trust and collaboration. When the UAE and Japan—two epicenters of innovation—interlace their visions and experiences, the blockchain ecosystem gains the power to redefine the very architecture of our shared future.' He added, 'This summit will serve as a true arena of connection and creation, where leaders of the global Web3 ecosystem engage in profound dialogue not only with Japan's major institutions but also with the UAE's most pivotal organizations.' Ryuichi Nishida, Director at B Dash Ventures, commented, 'This year's Blockchain Leaders Summit will be larger and more diverse than ever, bringing together world-class Web3 projects, regulators, and corporate leaders. We are delighted to work with our sponsors from Japan and around the globe to further advance Japan's Web3 ecosystem and create new opportunities for collaboration and business on the global stage.' About Hashed Hashed, established in 2017, is a web3 venture capital that focuses on investment and research in global startups and decentralized protocols. Hashed team operates offices in Seoul, San Francisco, Singapore, Bangalore, and Abu Dhabi. Hashed has been the earliest supporter of many pioneering blockchain teams globally. Hashed supports its portfolio companies as a 'second team,' helping web3 founders build global mass adoption.
