Sequoia Capital China acquires majority stake in We11done
BUSINESS OF FASHION – 12/01/2022
[…]The China-based investment firm that counts Vogue China’s former editor-in-chief Angelica Cheung among its partners announced Thursday it would acquire the brand for an undisclosed sum. Mirabaud Lifestyle Impact & Innovation, a European private equity fund, will become a minority shareholder in the company.
The deal will allow We11done, co-founded in 2015 by Jessica (Hyejin) Jung and Dami Kwon, to accelerate the growth of its direct-to-consumer business across China, Europe and the US, by leveraging Sequoia Capital China’s local and global networks and its expertise in technology and retail. […]
The investment is part of Sequoia Capital China’s ambition to bolster its fashion portfolio. Cheung joined the firm in February 2021, one month after it took a controlling stake in French fashion label Ami. In June, the firm took a minority stake in Ssense, a deal that valued the Canadian e-commerce platform at $4.1 billion.
“This partnership [with We11done], 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 Sequoia Capital China venture partner Cheung, highlighting the brand’s “subtle Asian aesthetics with vibrant international expressions.” […]
We11done, best known for its fresh contemporary styles and youthful approach to unisex design, has garnered an international celebrity following that is said to include Billie Eilish, Yang Mi and Angelababy. The brand is stocked at top-tier retailers globally, including Net-A-Porter, Browns and Luisa Via Roma.