Hong Kong entrepreneur Adrian Cheng has taken a majority stake in Italian luxury fashion label 1017 Alyx 9SM, co-founded by American designer, Matthew M. Williams.
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The terms of the deal were not disclosed.
Williams, who was appointed Givenchy creative creative in 2020, founded 1017 Alyx 9SM alongside Slam Jam’s Luca Benini in 2015. Starting out as a luxury women’s clothing infused with skater California streetwear, the brand went on to become a 2016 LVMH Prize finalist, before debuting a menswear collection a year later in 2017.
“This is not a distribution agreement. Adrian Cheng has taken a majority stake in 1017 Alix SM9, while Luca Benini remains a minority shareholder. The partnership has been set up through the personal investment vehicle of Adrian Cheng to help the brand grow and open monobrand shops over the next two years,” a spokesperson for the label told FashionNetwork.com.
According to a WWD report, William is now considering moving the Ferrara-based brand to Paris, where his label made its catwalk debut in June 2018.
Cheng is a Hong Kong entrepreneur and business executive. He is the CEO and executive vice-chairman of the Hong Kong-listed New World Development, the heir and executive director of jewelry company Chow Tai Fook, as well as the owner of Rosewood Hong Kong Hotel.
In 2009, Cheng launched the K11 brand, a globally known pioneer for its cultural commerce concept, injecting art and cultural happenings into a growing ecosystem of retail, commerce, property, recreation and hospitality in Hong Kong and mainland China.
Most recently, Cheng in February was named co-chairman of Modern Media, recently rechristened Meta Media Group.