Sequoia Capital China announced on 13th January that it has reached an agreement to acquire a majority stake in WE11DONE, a global fashion and lifestyle brand originated in Seoul, marking another step for the company into the global fashion segment. The financial terms of the deal were not disclosed.
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The deal is Sequoia China’s latest move as part of its progression into fashion investment following investments in Parisian designer brand Ami and in global technology platform for fashion SSENSE in 2021.
Founded by Jessica Jung and Dami Kwon in 2015, WE11DONE represents the new generation of Korean creatives making waves around the world. It is renowned for its unisex, designer-meets-streetwear fashion appeal and draws on various inspirations, merging Eastern and Western aesthetics.
The partnership will leverage Sequoia China’s local and global resources, its knowledge in technologies and retail innovations, as well as its vast community of founders and experts, to empower WE11DONE to accelerate its direct-to-consumer business in China, the US and Europe.
The two founders retain a significant stake in the company and will continue to pilot the brand’s artistic direction. COO Sang Mo Kim will also remain in charge of the overall business.
“We are excited to partner with Sequoia China, which has an outstanding global reach and digital knowledge. We are confident that this partnership will strengthen our voice in expressing WE11DONE’s passion and uncanny sense of fashion to the wider world. We are excited about the additional opportunities, technological innovations and guidance that Sequoia China will bring to our team,” said WE11DONE founders.
“Under the leadership of Jessica and Dami, WE11DONE excels in combining subtle Asian aesthetics with vibrant international expressions, which has made them a leading fashion player, part of the surge of Korean creativity that is capturing a global audience. This partnership, following our investments in AMI and SSENSE, demonstrates our commitment to supporting visionary founders in fashion internationally with a unique attitude that speaks to youth everywhere around the world,” said Angelica Cheung, Venture Partner of Sequoia China andVogue China’s former editor-in-chief.
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European private equity fund Mirabaud Lifestyle Impact & Innovation will join Sequoia China as a minority shareholder in the company. In this transaction, Michel Dyens & Co. served as financial advisor to WE11DONE.