South Korea’s IICombined Co., the company behind popular eyewear brand Gentle Monster, is accelerating efforts to expand its global presence.

IICombined announced Tuesday that it will open two new stores each in the Philippines and Malaysia this year, bringing the total count of its overseas outlets to 37.

Gentle Monster, often worn by K-pop girl group Blackpink member Jennie, already boasts a significant global presence, with stores in countries such as China, the United States, Australia, the United Kingdom, Singapore, Taiwan, Malaysia, Thailand, and the United Arab Emirates (UAE), including duty-free locations.

The international network currently encompasses 68 stores, 33 of which are in Korea. Overseas sales account for half of the company’s total revenue.

The eyewear company is now considering the opening of a standalone store in Tokyo, Japan, in the first half of next year, marking a significant milestone in its journey towards worldwide recognition.

Founded as a startup in 2011 by Kim Han-kook, Gentle Monster rapidly ascended the ranks of the luxury eyewear industry in less than a decade, surpassing renowned international brands.

Thanks to this success, IICombined, which also operates beauty brand Tamburins, witnessed substantial growth, with its revenue increasing to 410 billion won ($306.3 million) last year from 209.6 billion won in 2020.

In recent years, Gentle Monster solidified its presence in China and Southeast Asia, riding the wave of the Korean pop culture phenomenon.

The brand has established 20 stores across 15 cities in China alone, positioning Gentle Monster on par with most luxury brands in the country.

A pivotal factor contributing to Gentle Monster’s success is its distinctive and groundbreaking store designs, which have garnered accolades in the international market. The unique sculptures and architectural features incorporated into the store layouts provide visitors with a unique and memorable shopping experience.

Recognizing the company’s expertise in store design, IICombined was chosen in 2021 to design the interior of SKP-S Beijing, the first global department store in China for a Korean company.

In 2017, IICombined attracted an investment of 60 billion won from LVMH, and this year, LVMH’s stake in IICombined was sold to Luxottica, a global eyewear manufacturer and distributor.

Consequently, Luxottica now holds about 13 percent of IICombined, suggesting that international collaboration with Luxottica could lead to further expansion in overseas markets, particularly in North America and Europe.

In addition to its international presence, Gentle Monster also operates 23 stores in Korean department stores and malls.

Gentle Monster stores at The Hyundai Seoul or Lotte World Mall are prominently positioned, enjoying a reputation for some of the highest sales figures within the company.

Gentle Monster’s commitment to leading eyewear trends is evident in its release of over 60 new designs each year, maintaining its status as an innovative fashion brand.

By Chung Seul-gi, Kim Hyo-hye and Minu Kim

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]