Multiply Group, part of the Abu Dhabi-based International Holding Company (IHC), has invested Dh92 million ($25 million) in Rihanna’s Savage X Fenty, it said on Thursday.
The investment has been made through its wholly owned subsidiary MG Wellness Holding, it revealed in a filing to the Abu Dhabi Securities Exchange.
Savage X Fenty, a lingerie brand, was launched by Rihanna in May 2018, and has seen its revenue grow at 150 per cent CAGR since its inception.
The brand had raised $125 million in Series C funding after opening its first retail store in Las Vegas earlier this month, taking its total venture capital funding to date to $310 million.
The latest infusion of capital was part of a new funding round for the venture led by investment firm Neuberger Berman, according to Forbes. Apart from Multiply Group, Abu Dhabi Growth Fund and LionTree were the new investors.
The brand will reportedly use the investment to expand its store presence across the US. After Las Vegas, the brand has plans for store openings in Los Angeles, Houston, Philadelphia, and Washington DC.
Late last month, Multiply Group had announced plans to invest Dh275 million in Getty Images ahead of the visual content firm’s expected listing on NYSE.
Multiply Group’s 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. The deal is expected to close in the first half of 2022, after which a newly formed parent company of Getty Images is expected to be listed on the NYSE under the ticker symbol “GETY”.
