LONDON – Sequoia capital China agreed to acquire a majority stake in Korean brand We11done, the internal brand of Korean concept store Rare Market.
The financial terms of the deal were not disclosed.
Founders Jessica Jung and Dami Kwon, the younger sisters of South Korean singer G-Dragon, will retain a substantial stake in the company and will continue to guide the brand’s art.
The private equity fund Mirabaud Lifestyle Impact & Innovation, founded by fifth-generation Chanel heir David Wertheimer, will become the brand’s minority shareholder.
Michel Dyens & Co. used to be a financial advisor in trading.
With Sequoia Capital ChinaBacked by We11done, We11done plans to accelerate its direct-to-consumer business in China, Europe and the US.
Due to the popularity of K-pop, the brand has become a fashion boutique favorite alongside the likes of Jacquemus, Off-White and Vetements in China, but it has yet to establish a major presence. knowledge on major e-commerce channels, such as Tmall or JD.com.
According to people familiar with the matter, the deal also includes Rare Inc., operator of Rare Market, as a holding party.
Pulse News Korea, citing fashion and investment banking sources, reported that Sequoia bought a 60% stake and management rights for about 100 billion won, or $84 million. Kwon and Jung will own more than 30% of the remaining shares of the company.
Angelica Cheung, venture partner at Sequoia Capital China and founding editor of Vogue China, said that following the company’s investments in Ami and Sense, the partnership with We11done “represents our commitment to supporting visionary fashion founders worldwide with a unique attitude that speaks to youth everywhere.” In the world.”
“Under the leadership of Jessica and Dami, We11done excels at combining a sophisticated Asian aesthetic with vibrant international expressions, which has made them a leading fashion player, a part of Korea’s creative boom is attracting a global audience,” she added.
Jung and Kwon say they are confident that “this collaboration will strengthen our voice in expressing We11done’s passion and quirky fashion sense to the wider world”.
As an arm of California-based venture capital firm Sequoia Capital, Sequoia Capital China focuses on technology, media and telecommunications, consumer products and healthcare. Over the past 16 years, it has partnered with around 600 companies in China and invested in companies such as Alibaba, Tencent, Sina, Bytedance and JD.com.
Since last year, it has also doubled its investment in fashion and lifestyle since Cheung joined Vogue China in February 2021, a month after Sequoia Capital China took a controlling stake in Ami.
At the time, Cheung said she would focus on fashion, lifestyle and entertainment, supporting “a new generation of Chinese creatives and international brands expanding into China, but with much broader scope”.
https://wwd.com/business-news/mergers-acquisitions/sequoia-capital-china-south-korean-we11done-1235030789/ Sequoia Capital China Snatches South Korean Brand We11done – WWD