News bites Compiled by Joyce Abaño and Remedios Lucio
Streetwear brand Culture Kings snapped up by US investor
Brisbane-based streetwear retailer Culture Kings has sold a stake of its business to US digital platform a . k . a Brands for an undisclosed sum .
“ We ’ ve been getting great traction [ in the US ] online , but having a US partner to really scale and take on that market was the rationale behind [ the acquisition ],” co-founder Simon Beard told Inside Retail , adding that the investment now gives Culture Kings a valuation of $ 600 million .
Founded in 2008 by Simon and Tahnee Beard [ pictured ], the premium , high-growth streetwear retailer boasts eight highly experiential bricks-and-mortar stores across Australia , as well as a global digital presence . It is also known for its diverse offering of more than 100 brands .
“ Through their unique and immersive approach , Tahnee and Simon have built a compelling business with a highly loyal and extensive customer base ,” a . k . a . Brands CEO Jill Ramsey said . “ We are thrilled to have them join our portfolio of high-growth brands .”
Culture Kings joins a . k . a .’ s portfolio which includes Princess Polly , Petal & Pup , and Rebdolls . The company , which was founded in California in 2018 , is currently working with the backing of investment firm Summit Partners to acquire digital fashion brands with strong growth potential , a solid track record and the capacity to expand into new markets .
Farewell to Australian fashion icon Carla Zampatti
Australian fashion designer Carla Zampatti died on 3 April at age 78 , following a serious fall on the stairs during the opening night of La Traviata at Mrs Macquarie ’ s Chair in Sydney .
Zampatti was hospitalised after the fall and sadly died a week later .
Born in Italy in 1942 , Zampatti migrated to Australia in 1950 and set up her fashion label 15 years later , the same year the Sydney Opera House was being constructed . She had her first fashion show there .
Zampatti ’ s designs have been worn by high-profile , influential Australian women , including Princess Mary of Denmark , Dame Quentin Bryce , Oscar award-winning actress Nicole Kidman , former Matildas ’ captain Melissa Barbieri and former foreign minister Julie Bishop .
The mother of three and grandmother of nine was named Australian designer of the year in 1994 , awarded the Australian fashion laureate in 2008 and a year later was appointed a Companion of the Order of Australia , Australia ’ s highest civilian honour .
She took leadership roles outside the fashion industry and was a wellknown patron of the arts . In 1999 , she served as chair of the SBS Board and was a board member for several organisations , including the Australian Multicultural Foundation , the European Australian Business Council , Sydney Dance Company and the MCA Foundation .
Zampatti is survived by her daughter Bianca Spender , her son Alexander Schuman , CEO of the Carla Zampatti business , and Allegra Spender , CEO of the Australian Business and Community Network .
Zampatti ’ s daughter Bianca , who followed in her footsteps as a designer and owns her own fashion brand , posted a tribute on Instagram .
“ I lost my mother , my inspiration , my mentor and my friend ,” she wrote . “ I am lost for words and totally heartbroken .
“ She leaves an undeniable legacy behind , and will remain a constant in the hearts of her loving family , friends and women all over Australia .” ►
May 2021 www . insideretail . com . au | 7