Abu Dhabi holding company Multiply Group, a subsidiary of International Holding Company (IHC), has invested $25 million in the globally celebrated pop star, Ms. Rihanna’s lingerie brand, Savage X Fenty.
The investment was made through Multiply’s wholly-owned subsidiary, MG Wellness Holding, the Abu Dhabi Securities Exchange-listed company stated in a bourse filing.
Savage X Fenty, which the Barbadian singer launched in 2018, has been tight-lipped about its annual revenues. But sources reveal that the business has seen a revenue compound annual growth rate of 150 percent each year.
The investment was part of a Series C funding round led by American investment firm Neuberger Berman. Apart from Multiply Group, additional investors include L Catterton, Avenir, Sunley House Capital, Advent International, Jay Z’s Marcy Venture Partners, LionTree and Abu Dhabi Growth Fund.
The latest funding round brings total venture capital funding to date to $310 million for the intimate apparel brand, which Ms. Rihanna debuted with US-based TechStyles Fashion Group and then spun off in 2019.
The new funding comes just days after Savage X Fenty, opened its first brick-and-mortar location in Las Vegas. The lingerie startup is also planning to open five stores in the first quarter of 2022 and a total of ten by the end of the year. The next stores will be opened in locations including California, Houston, Philadelphia and Washington, D.C.
Multiply Group is an Abu Dhabi-based tech-focused holding company with a global presence across five industries, including automotive, utilities, capital, wellness and communications. Last month it committed to investing $75 million in the global visual content creator and marketplace Getty Images.