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Abu Dhabi holding company Multiply Group, a subsidiary of International Holding Company (IHC), has invested 92 million dirhams ($25 million) in Barbados singer Rihanna's lingerie brand, Savage X Fenty.
The investment was made through its wholly owned subsidiary, MG Wellness Holding LLC, the Abu Dhabi Securities Exchange listed company said in a bourse filing on Thursday.
Savage X Fenty, which was launched in 2018 by Rihanna, has seen revenue growth of 150 percent CAGR, it added.
The investment 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 new investors.
Previous investors L Catterton (a private equity firm backed by LVMH’s Bernard Arnault), Avenir, Sunley House Capital, Advent International, and Marcy Venture Partners (the VC firm co-founded by Jay-Z) also participated in the Series C, Forbes said.
Multiply, a tech-focused holding company last month committed to invest $75 million in global visual content creator and marketplace Getty Images. Its chief executive told Reuters the company would spend the 3.1 billion dirhams ($845 million) raised in last month’s listing on deals to fuel expansion.
(Reporting by Brinda Darasha; editing by Seban Scaria)
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