Culture Kings Reviews 2022

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After deciding to put their Australian fashion retailers Princess Polly, Petal & Pup, and Culture Kings up for public trading on the New York Stock Exchange, the company’s founders stand to make a billion dollars.

The parent company, known as Brands, was established by Summit Partners, a private equity firm, and owns the three businesses. Plans to float the company on the NYSE have been filed. Through the sale of 13.8 million shares at approximately $US18 each, Summit hopes to raise a total of $US262 million, which is equivalent to $362 million.

If successful, this will add $US773 million ($1.06 billion) to the wealth of Princess Polly and Culture Kings’ Australian founders, who will each own between 15 and 17 percent of a.k.a., valuing the entire company, which also owns plus-sized retailer Rebdolls, at $US2.3 billion. Brands.

As part of a deal to buy out the remaining 27% stake in the business that is not already owned by a.k.a., the founders of Brisbane-based online fashion boutique Petal & Pup will also receive a payout totaling $22.3 million. prior to listing, brands.

The decision by Summit to list the online fashion conglomerate in the United States later this year reflects the company’s plans to expand its portfolio of Australian-founded brands into international markets.

The confidential value firm ventured out into the space in 2018 with the buyout of Princess Polly from originators Wes and Eirin Bryett, trailed by a larger part stake in Petal and Little guy a year after the fact. It paid nearly $600 million to acquire a 55% stake in Culture Kings from the company’s founders, Simon and Tahnee Beard, earlier this year.

After the 45 percent of the company that is not owned by the parent company is exchanged for a.k.a., the Bryetts will hold a 15.6% stake in the final listed entity, worth approximately $US370 million, and the Beards will claim a 17% stake, worth approximately $US400 million. stock. The Beards’ current ranking of 186th on the AFR Rich List will improve as a result of this.

Revenues for a. on a pro forma basis, which includes the acquisition of Culture Kings, came to $US385 million in 2020, with $13.7 million in net profits. Currently, Australia accounts for more than half of the company’s revenue, while the United States accounts for 36%.

Last week, in its IPO filing with the US financial regulator, a.k.a. said that it thought there was a chance to grow the brands in their current markets as well as in other international markets. Additionally, the company intends to continue acquiring new brands in order to expand its product offering, concentrating on “new demographics, markets, or fashion tastes.”

The company stated, “We are evaluating multiple opportunities for such acquisitions in the near term.”

“We believe our demonstrated ability to provide infrastructure, expertise, and capital to scale brands and create significant value makes us an attractive partner, giving us a competitive advantage in the acquisition of new brands,” the company states.

Culture Kings was sued earlier this year by Mike Tyson, a former world champion boxer, for allegedly using his image to sell T-shirts without permission.

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