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Korean fashion company operating the MLB and Discovery Expedition apparel brands, strong across Korea and China.
Korean fashion company operating the MLB and Discovery Expedition apparel brands, strong across Korea and China.
Sells MLB-branded caps and apparel in Korea and China under exclusive licences, paying royalties to the baseball league's merchandising arm, through its own stores and department-store counters. Its growth depends on those licences continuing and on how the brand sells in China.
Moat: narrow (brand, distribution). Exclusive Korea/China license for the MLB apparel brand, tapped into K-fashion demand.
Headquarters: Seoul, South Korea · Founded: 1972 · Employees: 646
Size F&F (383220.KS) is a South Korea Consumer Discretionary company (Apparel/Footwear) with a market value of $1.80B, the 147th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩64,900 on 6 Nov 2026.
Performance Over six months the shares fell 3.0%, against -0.3% for the median peer and -24.5% for the South Korea market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 6.8% over the last twelve months (peer median +7.6%); the operating margin is 24.9% (peer median 9.5%).
Valuation It trades at 5.1× forward earnings against a peer median of 12.7× (cheapest of 21).
Capital Return on invested capital runs 15.2 points above its cost of capital (5.4% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩2.01T | ₩1.93T | ₩1.90T | ₩1.98T | ₩1.81T |
| Revenue growth | — | +2% | -4% | +9% | — |
| Gross profit | ₩1.26T | ₩1.20T | ₩1.16T | ₩1.28T | ₩1.23T |
| EBITDA | ₩594B | ₩563B | ₩554B | ₩620B | ₩605B |
| Net income | ₩523B | ₩399B | ₩360B | ₩425B | ₩442B |
| Free cash flow | ₩480B | ₩331B | -₩35.8B | ₩454B | ₩326B |
| Capital expenditure | ₩18.8B | ₩26.5B | ₩499B | ₩74.1B | ₩29.7B |
| Total debt | ₩207B | ₩381B | ₩361B | ₩259B | ₩261B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| F&F 383220.KS | $1.80B | -3% | +7% | 25% | 5.1× | n/a |
| F&F 007700.KS | $380M | -31% | +7% | 23% | 1.2× | n/a |
| Misto 081660.KS | $1.51B | -5% | +8% | 13% | 6.4× | -13.9% |
| LF Corp. 093050.KS | $426M | -13% | 0% | 9% | 5.0× | -12.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 383220.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.4% | +7.3% | lowest of 21 |
| 6-month return | -3.0% | -0.3% | 8th lowest of 21 |
| Distance from 52-week high | -27.1% | -20.1% | 10th lowest of 21 |
| Revenue growth (TTM) | +6.8% | +7.6% | 10th lowest of 21 |
| Operating margin | 24.9% | 9.5% | highest of 21 |
| Forward P/E | 5.1× | 12.7× | cheapest of 21 |
| ROIC minus cost of capital | +15.2 pp | +5.1 pp | 4th highest of 21 |
| EV / EBITDA | 3.7× | 8.2× | 4th cheapest of 18 |
| Net debt / EBITDA | -0.4× | -0.4× | 10th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| F&F 383220.KS | South Korea | $1.80B | -3% | +7% | 25% | 5.1× | n/a | n/a |
| Wolverine World Wide WWW | United States | $1.75B | +28% | +7% | 9% | 12.1× | 9.1% | +0.9% |
| Vestis VSTS | United States | $1.88B | +54% | 0% | 4% | 20.0× | 15.8% | +1.3% |
| Goldwin 8111.T | Japan | $1.93B | -1% | +4% | 18% | 12.7× | -6.3% | +8.7% |
| Makalot Industrial 1477.TW | Taiwan | $1.59B | +1% | -2% | 14% | 12.8× | -8.0% | +6.7% |
| Feng Tay Enterprise 9910.TW | Taiwan | $2.08B | 0% | -4% | 7% | 15.0× | -5.9% | +3.9% |
| Mizuno 8022.T | Japan | $2.10B | +27% | +10% | 9% | 15.9× | 4.9% | +11.5% |
| Misto 081660.KS | South Korea | $1.51B | -5% | +8% | 13% | 6.4× | -13.9% | +7.4% |
| JNBY Design 3306.HK | Hong Kong | $1.47B | +7% | +12% | 20% | 9.4× | -7.4% | +6.9% |
| Stella International 1836.HK | Hong Kong | $1.47B | -10% | +2% | 8% | 11.8× | -9.5% | +6.8% |
| Under Armour UA | United States | $2.23B | -19% | -3% | 1% | 83.9× | n/a | n/a |
| Youngone 111770.KS | South Korea | $2.27B | -13% | +15% | 14% | 5.5× | n/a | n/a |
| YoungoneHoldings 009970.KS | South Korea | $1.42B | -11% | +14% | 15% | 6.5× | n/a | n/a |
| Pou Chen 9904.TW | Taiwan | $2.29B | 0% | -7% | 3% | 7.3× | 5.9% | +0.1% |
| New Wave NEWA-B.ST | Sweden | $1.36B | +4% | +9% | 11% | 14.4× | n/a | n/a |
| G-III Apparel GIII | United States | $1.35B | -1% | -9% | 8% | 13.0× | -9.5% | +7.5% |
| 361 Degrees International 1361.HK | Hong Kong | $1.34B | -11% | +13% | 14% | 6.1× | -20.3% | +16.0% |
| Zhejiang Semir Garment 002563.SZ | China | $2.42B | -1% | +4% | 7% | 14.8× | -8.1% | -0.1% |
| BIEM.L.FDLKK Garment 002832.SZ | China | $2.46B | +42% | +23% | 15% | 20.4× | 0.0% | +13.3% |
| Pearl Global Industries PGIL.NS | India | $1.31B | +51% | +14% | 8% | 36.9× | 25.0% | +27.5% |
| Xtep International 1368.HK | Hong Kong | $1.27B | -16% | +10% | 10% | 7.7× | -10.3% | +10.8% |