Alexander Wang takes on new investors
Alexander Wang has found a new financial partner.
The brand announced on Monday a minority investment from two Chinese investors — fashion conglomerate Youngor Group, and venture capital firm Challenjers Capital.
With the new funding, Alexander Wang is expected to continue to expand its global presence, including in global retail, e-commerce, marketing, and innovation. According the reports, the deal has been in the works since early 2020.
Based in Ningbo, Zhejiang, China, and launched 43 years ago, Youngor Group is a leading enterprise of the national textile and apparel industry. In 2021, the company’s sales revenue was 143.9 billion yuan, while total profit was 6.8 billion yuan. It ranks number 68 of the China’s top 500 private enterprise with a fashion unit comprised of Youngor, Youngor Mayor, Hart Schaffner Marx and Hanp.
Likewise, Challenjers Capital was founded in 2014 and carries a large portfolio of well-known consumer brands and over 200 startups. It has dual currency funds in Chinese renminbi and U.S. dollars
Most recently, in April, Alexander Wang staged a runway show in Chinatown, LA showcasing the designer’s pre-fall and fall 2022 collections, following a two-year hiatus. Wang has faced sexual assault allegations in recent years.
The designer has denied the accusations in multiple statements. The Alexander Wang brand celebrates its 18th anniversary this year and continues to reach mass appeal.
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