Sequoia Capital China snatches South Korean brand We11done

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WWD – 12/01/2022

Sequoia Capital China has agreed to acquire a majority stake in South Korean brand We11done, the in-house brand of Korean concept store Rare Market.

The financial terms of the deal were not disclosed.

The two founders, Jessica Jung and Dami Kwon, who is South Korean singer G-Dragon’s sister, will retain a significant stake in the company and will continue to lead the brand’s artistic direction.

Private equity fund Mirabaud Lifestyle Impact & Innovation, launched by fifth-generation Chanel heir David Wertheimer, will become a minority shareholder in the brand.

Michel Dyens & Co. served as the financial adviser in the transaction.

With Sequoia Capital China’s support, We11done plans to accelerate its direct-to-consumer business in China, Europe, and the U.S. […]

Jung and Kwon said that they are confident that “this partnership will strengthen our voice in expressing We11done’s passion and uncanny sense of fashion to the wider world.” […]

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