Abu Dhabi-listed Multiply Group, a tech-focused subsidiary of International Holding Company (IHC), on Thursday announced a AED92 million ($25 million) investment in Savage X Fenty, the e-commerce fashion company founded by pop superstar Rihanna.
The investment is the latest by the company which has picked up stakes in San Francisco-based Firefly, New York-based contextual mobile advertising company Yieldmo, and the full acquisition of integrated communications company Viola over the past two year.
Multiply Group raised AED3.1 billion in a private placement ahead of its listing on the Abu Dhabi Securities Exchange (ADX) on December 5.
In December, a few weeks after listing, the company also signed a binding commitment to invest AED275 million in global visual content creator and marketplace Getty Images.
The investment was 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 is a joint venture between Rihanna and TechStyle Fashion Group which started as an online-only brand.
The pre-launch marketing occurred on Rihanna’s Instagram and without posting anything, the brand’s Instagram account gained 17,000 followers in 24 hours.
It is valued at $1 billion and has over 4.5 million followers across social media platforms.
This month, Rhianna announced that Savage X Fenty would open its own brick-and-mortar stores this year, with Las Vegas, Los Angeles, Houston, Philadelphia, and Washington, DC on the radar.
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