An ambitious young couple is going one majority stake in their apparel business for a whopping $ 600 million after starting their empire with a single store 13 years ago.
Gold Coast husband and wife Simon and Tahnee Beard, 36 and 32, will transfer their Culture Kings streetwear business to US-based online retailer aka Brands after signing a life-changing financial agreement.
Founded in 2008, Culture Kings has 500 employees and eight stores across Australia.
The pair’s focus shifted to online sales when the coronavirus pandemic hit the shores of Australia early last year – with resounding success.
Simon Beard, 36, and wife Tahnee, 32, plan to sell part of their Culture Kings streetwear brand to US online retailer aka Brands for $ 600 million
A number of NRL stars are said to love the label, including Latrell Mitchell, Kane Evans and NSW skipper Boyd Cordner
Culture Kings, with Justin Bieber and Cristiano Ronaldo among their clients, has successfully entered the millennium and teen market for over a decade.
Despite the business changing hands, Mr. Beard intends to remain as CEO and retain an interest in the company which will remain based in Australia.
“Tahnee and Simon have built an attractive business with a very loyal and extensive customer base,” she said.
Founded in 2008, Culture Kings now has 500 employees in books and eight stores across Australia, as well as a healthy online presence
The couple (pictured) have two young children and plan to further develop their popular streetwear brand around the world
“We see significant growth opportunities as we partner with Tahnee and Simon to introduce and expand the Culture Kings experience in existing and new regions.”
Mr Beard, who made a small fortune earlier in his career selling designer hats and sneakers on eBay, is looking forward to tapping into the lucrative US market, which he called “very big.”
While many businesses struggled to adapt to the pandemic in 2020, Culture Kings thrived, with an estimated 75 percent of their sales now coming from online shoppers.
The company made a profit of more than $ 19 million last year, and that figure will increase in 2021 after acquiring Princess Polly, one of the fastest growing brands in the US for women aged 16-25.
And all this from a company that was founded almost overnight after a chance meeting in a coffee shop between Simon and Tahnee in 2008.
“I remember him asking what my goals in life were,” she said shopify.com.au.
‘I thought it was a bold question to ask at the time, but he (Simon) is so focused, he always thinks of a thousand other things at once.’
Culture Kings has pop singer Justin Bieber (pictured in the middle of a Culture Kings store) among their customers
Culture Kings streetware is sought after by many – two women after shopping at the store in Australia
Within weeks of their first date, the couple were a couple and spent up to 20 hours a day together.
They soon combined their savings and began planning their first store in 2008.
And for Simon, who once spent $ 120,000 developing his elite business skills, including a one-on-one meeting with the original Wolf of Wall Street Jordan Belfort, the uncertainty of what to expect was motivating.
“ To build the business from scratch and fund it all the way … it was intense, ” he said.
“We were all in … we had to be.”
Shortly after the Gold Coast store opened, others in Sydney and Melbourne followed suit.
Proud of being different, in-store DJs, barber shops and basketball courts became the norm for Culture Kings.
Football superstar Cristiano Ronaldo (pictured above) is another big fan of the streetwear label Culture Kings
Destiny’s Child singer and solo artist Kelly Rowland (pictured right) has also been spotted in Culture Kings stores
Culture Kings quickly built a global reputation with its streetwear, attracting celebrity clients including Snoop Dogg, Chris Brown and A $ AP Rocky
And when celebrities like Justin Bieber and Drake started noticing their streetwear attire, the game changed a lot.
Suddenly, the demand for products in multiple countries went through the roof and a global brand was born.
In early January 2017, a fire at the company’s Brisbane warehouse was a significant setback, with damages of at least $ 10 million.
Days later, a new location for a factory was secured, and despite some hairy moments that followed, Culture Kings were soon back on their feet to serve the masses.
Last year, the Beard’s showed their purchasing power after purchasing a $ 11.75 million, six-bedroom, 10-bathroom, Balinese-style home on the Gold Coast.
The Beard’s country house on the Gold Coast has a Balinese touch – as well as 10 bathrooms and a private beach
The property features a resort-style pool, tennis court and even a private beach.
Balinese-style furnishings bring in the tropical vibe, so the fashion duo and their two children feel like they are permanently on vacation, while remaining within easy reach of cafes, restaurants and nightlife.
The sprawling townhouse is less than 10 minutes’ drive from Surfers Paradise to the north and Gold Coast to the west.
The couple bought the sprawling Gold Coast mansion for $ 11.75 million in 2020
Culture Kings: Living the dream
* The streetwear company was founded in 2008 by the couple Simon and Tahnee Beard.
* Culture Kings quickly built a global reputation with its streetwear, attracting celebrity clients including Snoop Dogg, Chris Brown and A $ AP Rocky.
* The company has eight stores in Sydney, Melbourne, the Gold Coast, Brisbane and Perth.
* An Australian DJ plays in every store and a range of arcade-style games such as claw machines, a basketball-inspired shooting competition where customers can win collectibles and not-for-sale items.
* Culture Kings is estimated to be worth $ 600 million