Abu Dhabi company, Multiply Group, a tech-focused subordinate of International Holding Company (IHC), announced a $25 million investment in international superstar and entrepreneur, Rihanna’s e-commerce fashion brand, Savage X Fenty, on Thursday 27th January 2022.
The investment for Multiply Group comes after their full acquisition of Viola, an integrated communications company, and stakes in San Francisco-based Firefly, and New York-based contextual mobile advertising company Yieldmo in the last 2 years.
Moreover, the Abu Dhabi listed company had also raised AED3.1 billion in a private placement ahead of its listing on the Abu Dhabi Securities Exchange (ADX) on December 5th 2021. In December 2021, a few weeks after listing, Multiply Group also signed a binding commitment to invest AED275 million in global visual content creator and marketplace, Getty Images.
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 just 24 hours.
Savage X Fenty is now valued at $1 billion and has over 4.5 million followers across all 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 being potential locations for her stores.
We can’t wait for her stores to open in the Middle East!