Sequoia Capital China Acquires Majority Stake in WE11DONE, of whom the Co-founder is G-Dragon’s Elder Sister

Sequoia Capital China announced the acquisition of a majority stake in WE11DONE, a fashion brand originated in Seoul, on January 13, marking another step for the company into the global fashion segment. Last year, Sequoia China gained a controlling stake in the French designer brand AMI and became the first external investor of SSENSE, a multi-brand retailer and an e-commerce platform.

AMI is the first international M&A project of Sequoia Capital China. After the M&A, AMI has evidently accelerated expansion into China and has enriched its product category with leather goods and womenswear, etc. alongside the original menswear.

WE11DONE was jointly founded by Jessica Jung and Dami Kwon, the elder sister of the famous Korean singer and songwriter G-Dragon. WE11DONE is renowned for its unisex, designer-meets-streetwear fashion and the fusion of oriental and western aesthetics. The two founders of the brand will retain a significant stake in the company and will continue to pilot the artistic direction of the brand. COO Sang Mo Kim will also remain in charge of the overall business.

For the WE11DONE project, Sequoia Capital China will leverage the local and global opportunities and draw on its experience in technology and retailing innovation to accelerate WE11DONE’s direct-to-consumer business across China, the U.S., Europe and the other significant markets.

“We are looking forward to entering the Chinese market and bringing better and more direct services to Chinese consumers,” said Jessica and Dami.

“Cooperation with WE11DONE once again proves Sequoia Capital China’s commitment to supporting visionary founders in fashion internationally with a unique attitude that speaks to youth worldwide”, said Cheung, the venture partner of Sequoia Capital China.

Alongside Sequoia Capital China, Mirabaud Lifestyle Impact & Innovation, a French fund founded by David Wertheimer, Chanel’s fifth-generation heir, will join as a minority shareholder in the company. Wertheimer expressed confidence in the huge potential of WE11DONE in the global market and hoped to team up with Sequoia Capital China to promote the brand’s market expansion in Europe.

| Photo Credit: Sequoia Capital China & WE11DONE