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Multiply Group invests Dh92m in Rihanna’s Savage X Fenty
Savage X Fenty was launched by Rihanna in 2018 as a joint venture with TechStyle Fashion Group - AFP photo
Last February, Savage X Fenty raised $115 million in a Series B fund
Multiply Group has announced that it has invested Dh92 million, or $25 million, in singer and international icon Rihanna’s e-commerce fashion company Savage X Fenty.
The investment has been made through its wholly owned subsidiary MG Wellness Holding, the Abu Dhabi-based group revealed in a filing to the Abu Dhabi Securities Exchange (ADX).
Multiply Group, a tech-focused subsidiary of International Holding Company, recently raised Dh3.1 billion in a private placement, ahead of its listing on the ADX on December 5, 2021. In the last two years, the group has made a number of strategic, tech-focused investments, including stakes in San Francisco-based street-level DOOH media company Firefly, New York-based contextual mobile advertising company Yieldmo, and the full acquisition of integrated communications company Viola.
In December, a few weeks after listing, Multiply Group signed a binding commitment to invest Dh275 million in global visual content creator and marketplace Getty Images. The investment is connected to the planned merger between Getty Images and CC Neuberger Principal Holdings II a special-purpose acquisition company (SPAC) sponsored by CC Capital and Neuberger Berman.
Savage X Fenty was launched by Rihanna in 2018 as a joint venture with TechStyle Fashion Group. Since its inception, the brand has experienced a revenue CAGR of 150 per cent. Last February, Savage X Fenty raised $115 million in a Series B fund. Most recently, Savage X Fenty celebrated the opening of its first ever brick-and-mortar store in Las Vegas, and announced a new funding round of $125 million led by Neuberger Berman. The latest funding will support the fashion company’s foray into brick-and-mortar retail, plans to expand overseas, as well as the launch of new product lines.
rohma@khaleejtimes.com
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