Los Angeles and Shanghai-based streetwear incubator, Milly Rock Group (MRG), has reportedly secured almost $10 million in Series A funding led by Bai Capital.
Milly Rock Group was formed in July 2021 by Xia Jiahuan and focuses on cross-border streetwear brands and celebrity-related merchandise.
According to Chinese business media platform 36Kr, the group owns and operates eight international or Chinese trademarks and nine exclusive licenses for American celebrities, including artists and designers, on Chinese social media. Current clients include rapper 24kGoldn and LA streetwear brand Revenge.
The streetwear incubator plans to utilize the funds for launching celebrity and streetwear product lines in the first half of 2022 through online and offline channels.
Jiahuan, who also co-founded the sneaker marketplace Solestage, noted that he expects the incubator’s revenue to hit $15.68 million in 2022.