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Milly Rock Group (MRG), a streetwear incubator based in both Los Angeles and Shanghai, has secured almost $10 million in Series A funding, led by Bai Capital, according to Chinese business media platform 36Kr.
The company was only established in July and focuses on cross-boarder streetwear brands and celebrity-related merchandise. It currently owns and operates eight international or Chinese trademarks and nine exclusive licenses for American celebrities, including artists and designers, on Chinese social media. According to its website, clients include rapper 24kGoldn and LA streetwear brand Revenge. MRG’s founder, Xia Jiahuan, also co-founded the sneaker marketplace Solestage.
According to the report, the company will launch celebrity and streetwear product lines in the first half of next year through online and offline channels. Xia said he expects company revenue to hit 100 million yuan ($15.68 million) in 2022.
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