Sequoia Capital China Acquires Majority Stake In Contemporary Brand We11done
Sequoia Capital China has acquired South Korean contemporary brand, We11done, for an undisclosed amount.
We11done, which was co-founded in 2015 by Jessica (Hyejin) Jung and Dami Kwon, has fast become a Gen Z favorite for its unisex streetwear designs that bring together Eastern and Western aesthetics.
The acquisition will help the brand leverage Sequoia Capital China’s local and global networks and its expertise in technology and retail to further amplify its direct-to-consumer (DTC) strategy across China, Europe and the U.S.
“Sequoia China’s investment is not just an investment. It means you can use quality resources and communities in many ways. We truly believe this partnership and investment will result in significant growth of the brand,” said Sang Mo Kim, We11done’s chief operating officer, in a statement to BoF.
The move to acquire the brand is part of Sequoia Capital China’s effort to bolster its fashion portfolio, which currently includes Montreal-based SSENSE and luxury brand AMI Paris. Sequoia Capital China bought a controlling stake in AMI Paris in January 2021 and a minority stake in SSENSE back in June 2021, valuing the online fashion marketplace at $4.1 billion.
The acquisition will not result in any structural changes, according to Kwon.
“The structure of our team will not change at all. We, as founders, will retain a significant stake in the company and will continue to pilot the brand’s artistic direction,” said Kwon.
We11done can be found on Net-A-Porter, Browns and Luisa Via Roma.
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