LONDON--Advertising giant WPP PLC (WPP.LN) said Tuesday it ha made a strategic investment in Refinery29 Inc., a privately-held fashion and lifestyle media company providing content, shopping solutions and social networking opportunities primarily in the fashion, shopping and beauty categories targeted towards millennial women.

The [undisclosed] investment is being made through WPP Ventures, the company said. WPP Ventures partnered with Scripps Networks Interactive in the investment.

Shares at 0730 GMT down 15 pence, or 0.95%, at 1570 pence valuing the company at 20.53 billion pounds ($31.16 billion).

-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

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