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Biz News Korea(Eng)
Snoopby Optical may turn down LVMH pre-IPO capital offer
- Collected
- 2017.08.04
- Distributed
- 2017.08.07
- Source
- Go Direct
Gentle Monster
Pre-IPO talks between Snoopby Optical and L Catterton Asia, the LVMH-sponsored private equity fund, have come to a stalemate after five months of negotiations, according to financial circles on Thursday. L Catterton is said to have offered to invest 130 billion won ($115.6 million) for a stake in Snoopby before it goes public. But industry sources said that Snoopby has been delaying to make a decision after receiving more favorable offers, with some proposing numbers that put the company’s market value at 1 trillion won.
Founded in 2011 on capital of 50 million won, Snoopby has grown into one of Korea’s hottest fashion eyewear companies. Its main brand Gentle Monster became a huge hit after appearing in a popular TV series My Love from the Star in 2014. The brand offers its eyewear at an affordable price tag of 200,000-300,000 won in a wide selection of designs. At the peak of its popularity in 2015, daily sales were as high as 150 million won at a local department store.
Once securing the initial investment, Snoopby plans to ready itself for public listing on Korean bourse.
By Song Gwang-sup
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]