The billionaires behind the Culture Kings sneaker store announce they are going out of business, after opening a store in Las Vegas
- The first store in the US opened a little over four months ago, on November 5
- Tahnee and Simon Beard to focus on family and startups
The husband and wife pair behind Australia’s Culture Kings sneaker chain stepped down from running the business after opening their first store in the United States.
Tahnee and Simon Beard’s Las Vegas store opened just over four months ago on November 5, a huge achievement for a couple who started a humble Gold Coast venue in 2008.
The Beards feel that now is the right time to leave the day-to-day running of the business to others while they focus on family and new ventures.
In 2021, the Gold Coast couple sold half of the shares of Culture Kings, which has been endorsed by stars including rapper Snoop Dogg, to US company Brands for $300 million and took shares for the other 50 percent.
Mr. Beard said the Las Vegas store is “exceeding expectations” but that he and his wife “are entrepreneurs to the core and the public company… paper, it’s not for me, it’s not my best fit.” .
“We’ve built a great team there and I think they can go and run it, I’m still on the board and I’m there whenever I can help and guide it,” he said. the aussie.
Tahnee (right) and Simon Beard (left), whose Culture Kings sneaker chain started with a Gold Coast store, have stepped down from their creation following the success of their US expansion.
The Beards have described their business as built on a passion for “music and fashion from different cultures and communities around the world.” In the photo, a Culture Kings store
When it was bought by aka Brands in April 2021, CEO Jill Ramsey said Culture Kings was ready to ‘explode’ globally.
“Tahnee and Simon have built a compelling business with a large and highly loyal customer base,” he said.
“We see significant growth opportunities as we work with Tahnee and Simon to introduce and expand the Culture Kings experience in new and existing geographies.”
The Beards have described their business as built on a passion for “music and fashion from different cultures and communities around the world.”
“Our vision has always been to create the next global retail phenomenon where culture and style collide.
“We couldn’t have found a better partner than aka to help us continue to scale our business and make our dream of being the #1 destination for streetwear worldwide a reality,” they said.
Aka’s interim chief executive, Ciaran Long, praised the Las Vegas store in a recent quarterly earnings briefing, The Australian reported.
Culture Kings have been endorsed by stars including rapper Snoop Dogg, pictured outside his Melbourne store in March 2023.
The Culture Kings store in Las Vegas (pictured) opened just over four months ago on November 5, 2022
The Las Vegas outlet, which has a basketball court, barbers, DJs and a recording studio that have been used by celebrities, is set to be a launching pad for more stores.
Long said the hype created by the Las Vegas store had led to more online sales as the brand became better known.
Although they have been wildly successful, with around $400 million in sales each year, Mr. Beard had some doubts before releasing it in the US.
However, the Las Vegas store had customers lining up on the street.
Daily Mail Australia has contacted the Beards for comment.