US-based fashion brand management company Authentic Brands Group (Authentic Brands) has raised $500m from its current investor General Atlantic.

This takes the private equity firm’s investment in the brand operator to almost $2bn.

In a press statement, Authentic Brands stated that it would use the new funding to support its global expansion plans.

Authentic Brands owns more than 40 brands, including Aeropostale, Brooks Brothers, Nautica and Reebok.

General Atlantic first teamed up with Authentic in October 2017.

Since the private equity firm’s initial investment, Authentic Brands has undertaken almost 30 brand acquisitions and diversified its platform through new verticals, including media, outdoor, events, experiences and studios.

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By GlobalData

Although Authentic did not divulge the valuation at which the latest amount was raised, a Bloomberg report, citing sources, stated that the funding round valued the company at more than $20bn.

Authentic Brands Group founder, chairman and CEO Jamie Salter said: “General Atlantic’s increased investment in Authentic is a testament to the strength of our proprietary brand platform, business model and team.

“General Atlantic takes an innovative investment approach and shares our vision for building brand value for the long term. We are proud to be part of General Atlantic’s selective portfolio of first-movers and established companies and look forward to continuing to partner with them to evolve and scale our model worldwide.”

The Goups portfolio of more than 40 brands generates more than $25bn in global annual retail sales.

The firm has a wide footprint in 150 countries, including more than 10,800 freestanding stores, shop-in-shops and 380,000 points of sale.

General Atlantic managing director and global head of consumer Andrew Crawford said: “General Atlantic is proud to be a long-term partner to Jamie and the Authentic Brands Group team. Over the past six years of our work together, Authentic has significantly accelerated its growth by capitalising on meaningful M&A opportunities, expanding into key markets and building a deeply experienced management team.

“Looking ahead, we believe Authentic is positioned for continued diversification across categories, license partners, geographies and distribution channels, with immense whitespace in digital and e-commerce particularly. We are thrilled to continue collaborating with Authentic to further scale its differentiated portfolio of brands.”

The other important shareholders in Authentic Brands Group include BlackRock, CVC Capital Partners, Simon Property Group, HPS Investment Partners, Leonard Green & Partners and Brookfield.