Vivien비비안

Vivien's shares have fallen sharply over the past year while the company runs losses and carries heavy liabilities relative to equity.

Vivien, a Korean women's intimate apparel maker, reported trailing twelve-month revenue of about ₩204B but an operating loss of about ₩11B and a net loss of about ₩24B through H1 2026. The share price closed at ₩3,460 on 2026-10-16, down 76.5% over one year, with a market capitalisation of about ₩17B. The data does not include any analyst ratings or forecasts, and the discounted cash flow model in the pack gives a very wide range of values.

What stands out

• Revenue has moved sideways to lower: ₩235B in 2024 and ₩222B in 2025, with trailing revenue of ₩204B, while operating income turned negative in 2025 and the trailing period.
• Liabilities are 160.6% of equity and free cash flow is about -₩13B on a trailing basis; cash is only about ₩2.7B and borrowings are not reported in the data.
• Recent filings are dominated by a rights offering (paid-in capital increase) decision, amendments to it, a shareholders' meeting notice and an investment caution notice from the exchange regarding possible designation as an administrative issue.
• A conversion price and warrant exercise price adjustment was filed on 2026-09-17, which points to outstanding convertible or warrant instruments.
• Valuation metrics are mixed: price-to-book is about 0.2, price-to-sales about 0.1, and there is no meaningful P/E because earnings are negative; the dividend yield is 0%. Peers trade at P/E ratios of roughly 4 to 8 apart from Chokwang Leather at 45.5.

What to watch

• Outcome and pricing of the rights offering, and the shareholders' meeting, since these could dilute existing holders.
• Whether the exchange moves to designate Vivien as an administrative issue, following the caution notice filed on 2026-09-09.
• Next periodic filings on operating income, borrowings and cash flow, since the data does not show debt levels or any recent news coverage.