Buzzy South Korean modern brand We11done is Sequoia Funds China’s most current trend wager, pursuing investments in Ami and Ssense past 12 months.
The China-centered investment organization that counts Vogue China’s previous editor-in-main Angelica Cheung amongst its associates declared Thursday it would obtain the model for an undisclosed sum. Mirabaud Lifestyle Impact & Innovation, a European personal equity fund, will come to be a minority shareholder in the corporation.
The offer will allow We11performed, co-established in 2015 by Jessica (Hyejin) Jung and Dami Kwon, to speed up the growth of its immediate-to-consumer organization across China, Europe and the US, by leveraging Sequoia Capital China’s neighborhood and world-wide networks and its skills in engineering and retail.
“Sequoia China’s financial commitment is not just an investment decision. It indicates you can use excellent methods and communities in many techniques. We certainly think this partnership and financial investment will result in major growth of the brand name,” We11performed main operating officer, Sang Mo Kim, informed BoF.
The investment decision is element of Sequoia Money China’s ambition to bolster its vogue portfolio. Cheung joined the business in February 2021, 1 thirty day period after it took a managing stake in French trend label Ami. In June, the organization took a minority stake in Ssense, a offer that valued the Canadian e-commerce system at $4.1 billion.
“This partnership [with We11done], following our investments in Ami and Ssense, demonstrates our motivation to supporting visionary founders in manner internationally with a unique frame of mind that speaks to youth just about everywhere around the planet,” explained Sequoia Funds China undertaking husband or wife Cheung, highlighting the brand’s “subtle Asian aesthetics with vivid international expressions.”
We11done’s Jung and Kwon are the duo behind Seoul’s Exceptional Sector strategy shop, a magnet for affluent Gen-Z and Millennial cool hunters considering that it opened its doorways in 2014. The pair will keep on being concerned in the We11done business enterprise.
“The composition of our group will not transform at all. We, as founders, will keep a considerable stake in the enterprise and will proceed to pilot the brand’s creative course,” Kwon mentioned.
Jung additional that “Sequoia China has a wholly unique subject of experience to us [so] we expect [their] job to be in skilled areas that we have not [already got] coated.”
One of individuals parts will be the China market, wherever We11carried out has a adhering to amid Gen-Z buyers, and some wholesale accounts, but not its own retail community or an official keep on key platforms like Alibaba’s Tmall, for case in point.
“It is a really vital current market but it is also a industry that have to be properly recognized,” stated Sang Mo Kim, introducing that funds from the new deal will, in part, go to creating out a community of key belief leaders (KOLs, as influencers are recognised in China) for We11carried out and maximizing its digital channels.
We11performed, very best regarded for its fresh new modern day variations and youthful technique to unisex structure, has garnered an international celeb pursuing that is reported to involve Billie Eilish, Yang Mi and Angelababy. The brand is stocked at leading-tier shops globally, together with Internet-A-Porter, Browns and Luisa By using Roma.
Tamison O’Connor contributed to this short article.
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BoF can expose the funding marks the 1st-ever external investment for the Montreal-dependent luxury e-commerce organization, acknowledged for its curated collection of brand names, bold editorial system and young viewers.