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ATTRAKT, the label behind K-pop girl group FIFTY FIFTY, recently successfully nabbed an overseas investment of $7.5 million despite its ongoing battle with the group. As per the reports, on August 31, the Singaporean investment company Evergreen Group Holdings announced that they will pull in a multimillion investment of roughly $7.6 million (approximately ₩10 billion) for ATTRAKT by the end of September.
Before this announcement, CEO of Evergreen Group Holdings David Yong and ATTRAKT CEO Jeon Hongjun signed a memorandum of understanding in hopes of sealing more investments in the future.
FIFTY FIFTY recently topped global charts with their mega-hit Cupid and earned recognition from all across the world.
FIFTY FIFTY's label ATTRAKT seals a multimillionaire deal with Singaporean investment group
It was earlier brought to light that CEO Jeon and ATTRAKT's officials had to sell their Rolex watches, luxury cars, and other valuables to fund the debut of the group. FIFTY FIFTY is the sole K-pop group backed by the company, who made their debut in November with their EP titled The Fifty.
Undoubtedly, the launch of the group has brought massive success, which could be one of the reasons for Evergreen's investment. Jeon, in a statement as per Korea JoongAng Daily, said:
“I thank David Yong for seeing the future value of the company and making the investment. ATTRAKT must now walk towards a positive and proactive future.”
Although FIFTY FIFTY has been the lucky charm of the company, ATTRAKT has been in a legal battle with the group since June. The quartet put forward a statement claiming that the company did not provide them with proper medical facilities and concealed their earnings.
As per the K-pop industry norms, the agency bears the entire cost of artists' lives, which includes financial, personal, and daily expenditures.
A few days before the investment came to light, the Seoul Central District Court officially dismissed FIFTY FIFTY's demand to nullify the contract with ATTRAKT. However, a legal representative (of the group) has said that they will immediately appeal.
In August, the four members (Keena, Saena, Sio, and Aran) publically presented a handwritten letter to address their fans who have supported them through their hardships with respect to the legal battle.
They also promised to continue to provide their fans with more music and concluded their letter by assuring “to carry out our activities as true artists in a trustworthy environment.”
Legal battle aside, the new investment can open doors for ATTRAKT to launch more artists in the future. Moreover, it might also help the company rectify the living situation of the girl group.
