Luxury conglomerate LVMH, buys a stake in Madhappy, a Los Angeles-based streetwear brand founded in 2017 by Noah and Peiman Raf and partners Mason Spector and Joshua Sitt.
The collection features basic items such as unisex sweats and t-shirts, designed around its philosophy of ‘local optimism,’ a platform for mental health.
Earlier this year Madhappy attracted the interest of a pool of investors in a seeding round raising 1.8 million dollars. Among the investors was a founder of the Sweetgreen restaurant chain.
Why is a luxury group investing in mental health fashion?
Fashion united writes, “The French group invests only in what it considers “desirable brands, with high potential and with clear identities and a significant potential for growth”. LVMH Luxury Ventures bets on brands with turnover between 3 and 30 million euros and investments of 2 to 15 million euros and are active in the realm of fashion, accessories, beauty, wellness, experiential luxury and retail. According to The Fashion Law Madhappy posted annual revenues of 1 million dollars in 2018. The brand currently operates pop-up stores in Los Angeles and New York.”
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