IICOMBINED, the parent company of popular eyewear brand Gentle Monster, has made history in South Korea’s real estate market by obtaining both single-family and multi-family homes in Sinsa-dong, Gangnam-gu, Seoul, for an unprecedented price of 28.5 billion KRW (equivalent to 22.3 million USD). This groundbreaking move is a significant milestone in South Korea’s real estate industry.
This entirely cash-based deal not only highlights IICOMBINED’s impressive financial stability, but also strategically places the conglomerate for future growth.
The opulent properties, situated in one of Seoul’s most esteemed neighborhoods, showcase IICOMBINED’s confident presence in the real estate industry.
This acquisition follows the company’s ambitious investment strategy, which included a 34 billion KRW (approximately 24.5 million USD) venture in November to develop a commercial and office building at the same prime location.
The main driving force behind the rapid growth of IICOMBINED has been its renowned brand, Gentle Monster, which has gained worldwide recognition in recent times.
A key factor in achieving this success has been the partnership with BLACKPINK’s Jennie, whose affiliation with the brand has attracted significant attention.
Despite being known as “Jennie’s Sunglasses,”Gentle Monster’s merchandise has not only established itself as a must-have in the fashion world, but also as a representation of opulence and sophistication, propelling the company to greater success in the highly competitive market for eyewear.
Jennie’s instrumental role in shaping Gentle Monster’s brand narrative has greatly contributed to IICOMBINED’s overall corporate strategy.
Established in 2011, IICOMBINED has quickly broadened its range of products beyond just eyewear, branching out into various industries such as cosmetics through brands like Tamburins and desserts through Nudake.
Thanks to a strong financial performance, the conglomerate announced a total of 608.27 billion KRW in consolidated revenues and an operating profit of 151.11 billion KRW last year, demonstrating significant growth in a highly competitive market.
IICOMBINED’s confidence in its market position and future growth prospects is evident through its recent real estate acquisitions.
With the company’s ongoing efforts to utilize strategic investments and celebrity partnerships, including Jennie’s collaboration with Gentle Monster, it is well-positioned for sustained success and advancement in the global marketplace.
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