The buzzy South Korean eyewear label Gentle Monster‘s parent company Iicombined has completed a fresh round of funding from ZWC Partners, an Asian private equity firm.
Terms of the deal were not disclosed, but the investor said that the deal will support Gentle Monster and its sister brands’ product innovation and strengthen its retail network in key markets such as Japan and Europe.
According to local media reports, the transaction valued Iicombined at around 3.35 trillion won, or $2.18 billion.
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“We greatly admire Hankook Kim and his team’s unwavering commitment to creativity and design excellence,” said Michael Yao, partner at ZWC Partners, of the brand’s singular founder and chief executive officer. “Iicombined’s seamless integration of design and technology has positioned the group as an industry pioneer. This strategic alignment resonates strongly with ZWC Partners’ long-standing focus on the consumer and technology sectors,” added Yao.
ZWC Partners has a track record of investing in premium consumer and retail businesses, including sportswear group Amer Sports, owner of Arc’teryx, Salomon, Wilson, Peak Performance and Atomic, as well as the Italian luxury linen brand Frette. Other investments listed on the firm’s website include Chinese electric vehicle maker Xpeng, C-beauty brand Chillmore, health food company Honlife, and noodle chain Hefu Noodle.
Apart from its flagship brand Gentle Monster — which contributes to almost 80 percent of total group sales — Iicombined also counts the fragrance and skin care brand Tamburins, café and teahouse chain Nudake, headwear label Atiissu, and tableware brand Nuflaat in its growing stable of lifestyle brands.
Known for its “Jennie sunglasses” — a reference to its former brand ambassador Jennie of Blackpink, sales at the eyewear brand reportedly fell for the first time in 2025, according to local media reports. Sales reached 789.1 billion won, or $514.7 million, for 2024, up almost 30 percent year-over-year compared to 2023.
Iicombined counts L Catterton, IDG, and Google as investors. Last year, Google announced a $100 million investment in Gentle Monster to relaunch its smart eyewear business.
Gentle Monster, launched in 2011, rose to global fame after K-drama star Jun Ji-hyun and British actress Tilda Swinton wore its sunglasses. The brand counts around 45 stores globally. Almost half of its stores are located within mainland China. Last year, its latest experimental retail format Haus Nowhere was launched in Seoul’s Seongsu-dong district.