The world's biggest luxury company invested in an up-and-coming LA streetwear brand that's worn by by Gigi Hadid and Cardi B. Here's everything we know about it.
- LVMH Luxury Ventures, the investment arm of LVMH, recently invested in trendy LA streetwear brand Madhappy.
- According to Business of Fashion, LVMH led a $1.8 million seed round of funding into the company; Tommy Hilfiger and the founders of buzzy salad chain Sweetgreen also invested.
- In just over two short years, Madhappy has gained a cult following of fans, including Gigi Hadid and Cardi B, with its trendy loungewear.
- Here's everything we know about the brand.
- Visit Business Insider's homepage for more stories.
The world's largest maker of luxury has invested in an up-and-coming LA streetwear brand that's targeted at Gen Z and millennials shoppers.According to Business of Fashion, LVMH Luxury Ventures, the investment arm of the luxury conglomerate, led a $1.8 million round of funding into Madhappy; Tommy Hilfiger and the founders of Sweetgreen also invested in this round.Advertisement
LVMH Luxury Ventures was set up in 2017 to invest in emerging brands with "strong growth potential." Since then, it has invested in Gabriela Hearst and French apothecary brand l'Officine Universelle Buly.
Here's everything you need to know about Madhappy:
Madhappy was set up by four high-school friends (two of whom are brothers) in April 2017. The group was in their early 20s at the time.
The set out to create a brand with a positive message where its customers could feel part of a community.Advertisement
The assortment kicked off with a limited selection of hoodies and t-shirts that were sold at pop-up stores in Los Angeles.
In the past few years, the assortment of clothing has also grown. Today, you'll find a mix of men's and women's loungewear including sweat pants, caps, and cycling shorts that are targeted at its trendy young customers.Advertisement
Along the way, Madhappy has gathered a celebrity following. Gigi Hadid, Sofia Richie, and Cardi B are among its famous fans.
In a recent interview, cofounder Peiman Raf commented on the recent round of funding and noted the significance of having a strong team of advisors on board.Advertisement
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