Industry News
LVMH Invests In South Korean Eyewear Company Gentle Monster
LVMH-backed Private Equity fund L Catterton Asia has invested in South Korean startup sunglass maker Gentle Monster, banking on the Korean pop culture boom to fuel sales of the country’s luxury brands.
Ravi Thakran, chairman and managing partner of L Catterton Asia, said the company had become the second-biggest shareholder of IICOMBINED, the owner and operator of Gentle Monster, after its two founders.
Founded in 2011 by Jay Oh and Hankook Kim, Gentle Monster has become the most sought after global fashion eyewear brand, known for its avant-garde designs and creative retail concept. Gentle Monster is a global leader in the sunglass category, with a presence in more than 19 countries and 11 stand-alone stores. Each flagship store has a different design theme with a unique “WOW” factor, creating strong brand awareness among consumers.
Kim Hankook,Co-Founder and CEO of Gentle Monster, stated: “In a time where Gentle Monster is progressing into a global fashion eyewear brand, we are honored to partner with L Catterton Asia and Groupe Arnault. Gentle Monster has a very unique approach in terms of product and space design. We define it as ‘weird beauty,’ a concept that is infused and brought to life in everything we do. We lead the industry and consumer trend through this vision. We already have a presence in Greater China and America and plan to further expand our footprint into Europe and the Middle East. Our goal is to reach even more international consumers, offer them our distinctive products and flagship experiences and continue to inspire them by conveying our unique approach to building the future of retail.”
Commenting on the transaction, Chairman and Managing Partner of L Catterton Asia, Ravi Thakran, stated: “We are delighted to partner with the founders of Gentle Monster, a fashion sunglass category leader in Korea. With its strong brand identity and creative designs, Gentle Monster is an emerging company that is redefining the sunglasses-design space with the potential to become a truly iconic brand. Gentle Monster is already outselling more established competitors, delivering retail productivity on par with or better than many luxury brands. Given the relatively low penetration rates for sunglasses across most Asian markets, and Gentle Monster’s success in addressing the unique needs of Asian consumers, we see strong growth potential for the Company. We look forward to working alongside Gentle Monster’s strong management team to support the Company’s growth and expansion, and believe that L Catterton Asia’s extensive global network and retail expertise will provide valuable insights on brand building, marketing, retail excellence and global store expansion.”
