Hong Kong billionaire Adrian Cheng has acquired a majority stake in luxury streetwear label 1017 Alyx 9SM for an undisclosed sum.
The label was founded in 2015 by American designer Luca Benini and Matthew Williams, who is also currently the creative director of Givenchy. The brand initially offered womenswear products before expanding into menswear in 2017.
The investment is expected to fuel 1017 Alyx 9SM’s expansion in key markets, including the US and Japan.
“1017 Alyx 9SM, under the creative direction of Matthew Williams, embodies the spirit of innovation that I am passionate about supporting,” Cheng, the CEO of New World Development Company Limited, said in a statement.
Some of the brands 1017 Alyx 9SM has collaborated with include Nike, Audemars Piquet, Dior and Moncler.
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