Aussie founders of Culture Kings lose $500million in stock market bloodbath
- Culture Kings sold to a.k.a. Brands in 2021
- Shares have plummeted from $22.09 to $0.82
- Culture Kings co-founded by Simon and Tah-nee Beard
The couple behind the global streetwear brand Culture Kings have lost hundreds of millions of dollars on the stock market.
Simon, 38, and Tah-nee Beard, 34, created the fashion brand on the Gold Coast in 2008, with stores now seen across Australia, New Zealand and most recently in Las Vegas.
The Beards sold their clothing empire to a US company called 'a.k.a. Brands' in exchange for $307million in cash and 23.3 million shares in 2021.
Their shares in a.k.a. Brands were at $22.09AUD at their peak on the New York Stock Exchange but plunged to just $0.82 in a stock market bloodbath last week.
The sharp decline in the worth of the couple's shares means their wealth has fallen from $514million to $19.1million.
It is understood the couple have held onto their shares amid the price fluctuations.
Simon, 38, and Tah-nee Beard, 34, created fashion brand Culture Kings on the Gold Coast in 2008
Mr and Mrs Beard debuted on the Australian Financial Review's Rich List in 2021 with a combined wealth of $626million.
Their once humble fashion brand started at the Gold Coast's Carrara markets, with their first store in the US opening up in November last year.
Culture Kings has had endorsements from stars like Snoop Dog, while English singer Yungblud and rapper A$AP Rocky have also made appearances in stores.
The Beards have described their business as being 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,' they said.
'We couldn't have found a better partner than a.k.a to help us continue to scale our business and realise our dream of being the No.1 destination for streetwear across the globe.'
The Beards sold their clothing empire to US company a.k.a. Brands in exchange for $307million in cash and 23.3 million shares in 2021
The Las Vegas outlet, which has a basketball court, barbers, DJs and a recording studio celebrities have used, is set to be a launching pad for more stores.
Last month the Beards announced they'd be stepping back from the business.
Mr Beard said the Las Vegas shop is 'beating expectations' but that he and his wife 'are entrepreneurial to our core and the public company ... role, it's not for me, not my best fit'.
'We have built a great team there and I believe they can go and run it, I am still on the board, and I'm there whenever I can help and guide it,' he told The Australian.
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