ZWC Partners backs Iicombined’s push for Gentle Monster

By Irene Dong June 8, 2026

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Asian private equity firm ZWC Partners has invested in South Korea-based Iicombined, the company behind eyewear brand Gentle Monster, as it accelerates its global expansion across fashion, beauty and experiential retail.

Founded in 2011 and headquartered in Seoul, Iicombined has grown from a single eyewear label into a multi-brand lifestyle group with a portfolio spanning fragrance and beauty brand Tamburins, experiential cafe concept Nudake, headwear label Atiissu and tableware brand Nuflaat, alongside its flagship Gentle Monster business.

The investment is expected to support the group’s continued international growth, particularly across Asia, including China and Southeast Asia, as well as further expansion into Europe and North America.

ZWC Partners said the investment reflects strong confidence in Iicombined’s ability to scale globally while maintaining its design-first identity.

“Against the backdrop of the global rise of K-pop and K-beauty, we believe Iicombined is well-positioned for accelerated expansion, particularly in high-growth consumer segments, including eyewear and fragrances, across China and Southeast Asia,” said Michael Yao, partner at ZWC Partners.

“This strategic alignment resonates strongly with ZWC Partners’ longstanding focus on the consumer and technology sectors. Leveraging our offices and resources in Europe, Japan and other key Asian markets, we look forward to supporting Iicombined’s expansion across the Asia-Pacific region and beyond. This includes providing prime retail locations and brand elevation support, as the group continues its journey toward becoming a global fashion powerhouse.”

The deal adds to ZWC Partners’ consumer portfolio, which includes investments in global sports group Amer Sports, owner of brands such as Arc’teryx and Salomon, as well as Italian luxury linen brand Frette, alongside logistics, technology, and cross-border commerce companies, including J&T Express, GoTo, and Vevor.

Financial terms of the deal were not disclosed.