The eponymous label of American-Chinese fashion designer Alexander Wang has secured new funding from two Chinese investors.
The US label has sold minority stakes to fashion retailer Youngor Group and venture capital firm Challenjers Capital, though further details of the deal were not disclosed.
In a statement seen by WWD, New-York based designer Wang described the investment as “an important milestone” and “a strong testament to the brand’s continued global expansion”.
He continued: “When the brand was first established in 2005, I had no idea that it would grow to the scale it has today.
“Now that the brand’s North American and global retail expansion plans have been launched, I am very excited about the future of the brand and the support from Youngor Group and Challenjers.”
The brand said it plans to use the fresh funding to grow globally, with a focus on retail stores and continued investments in e-commerce, marketing, and innovation.
In an interview with Vogue Business, Wang said he hopes the new investment and partnerships will help the business double its annual revenue of 200 million dollars within the next five years.
The investment comes at a rocky time for Wang, who in 2020 made headlines when he faced allegations of sexual assault against male models.
Among those allegations was one by British model Owen Mooney who accused Wang of groping him at a nightclub in January 2017.
While he initially denied the claims, Wang later released a statement on Instagram that said: “I support [my accusers’] right to come forward, and I've listened carefully to what they had to say. It was not easy for them to share their stories, and I regret acting in a way that caused them pain.
“While we disagree on some of the details of these personal interactions, I will set a better example and use my visibility and influence to encourage others to recognize harmful behaviors. Life is about learning and growth, and now that I know better, I will do better.”
Following a two-year hiatus, the Alexander Wang brand made its return to the catwalk in April this year when it presented its Fall 2022 collection in LA’s Chinatown.