The encyclopedia · Strategy & Leadership · Strategic decision · 2025–2026
Oco (오코), Kumkang heir's men's fashion platform, closed in 2026
The Kumkang shoe family's eldest son lost ₩6B in one year on a fashion platform that made ₩3.2B — and closed it quietly in 2026.
Oco (오코, Kim Jung-hoon) · 2026-02-28
What happened
Oco was a men's fashion platform owned 100% by Kim Jung-hoon, eldest son of Kumkang shoe group chairman Kim Sung-hwan and a former Kumkang vice president. The business began as a women's shoe brand and became an independent company in June 2025, spun off from Bizevano, the family's property-leasing arm.
The numbers never worked. In 2024 Oco posted ₩3.2 billion in revenue against a ₩6 billion operating loss — losing almost twice what it sold — and it raised about ₩850 million across two crowdfunding rounds to keep going.
On 23 December 2025 the company emailed members that it was closing for 'internal operating circumstances.' Mall operations ended on 28 February 2026 and customer support on 15 March; accumulated points and shopping credits expired with no cash refund.
Why it happened
- The platform was a family side project: a chaebol heir's personal company with no market position, run on family money rather than a plan that could clear the ₩6 billion annual loss.
- Losses dwarfed sales: ₩6 billion of red ink on ₩3.2 billion of revenue means the model never existed — the crowdfunding rounds were bridge loans to a business without one.
- A quiet exit: no restructuring, no buyer, no explanation beyond 'internal circumstances' — points and credits were voided and the platform simply ended.
The lesson
A private playground has no exit: Oco burned ₩6B a year on ₩3.2B of sales, and when the heir's patience ran out, the platform closed with points and credits voided.
Aftermath
Oco announced its closure on 23 December 2025, citing internal operating circumstances. Mall operations ended on 28 February 2026 and customer support on 15 March; points and shopping credits expired with no cash refund. The company was the personal venture of Kim Jung-hoon, eldest son of Kumkang shoe group chairman Kim Sung-hwan and a former Kumkang vice president. It began as a women's shoe brand and was spun off in June 2025 from Bizevano. In 2024 it posted ₩3.2 billion in revenue against a ₩6 billion operating loss, and had raised ₩850 million across two crowdfunding rounds.
Sources
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