- 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.
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.
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.
Source: Teen Vogue
The set out to create a brand with a positive message where its customers could feel part of a community.
"We felt that there was a lot of negativity both in the world and in the space at the time of our launch and we wanted to be the opposite of that," cofounder Peiman Raf said in a recent interview with Forbes .
He continued: "We are about creating incredible products and experiences that uplift all people who interact with the brand. It all started from the paradox of the name Madhappy and grew into a movement focused on spreading positivity."
The assortment kicked off with a limited selection of hoodies and t-shirts that were sold at pop-up stores in Los Angeles.
Madhappy has stood by pop-up culture since then, most recently opening temporary stores in New York, Miami, and Aspen.
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.
Prices range from $35 for a cap up to $185 for a hoodie.
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.
"Someone could put in as little as $10k but still make a huge impact with the advice they could give us," he said in an interview with Fashionista in March.
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