Aussie Culture Kings founders Simon and Tah-nee Beard lose $500 million

The Aussie founders of a global fashion juggernaut have lost hundreds of millions of dollars in a stock market bloodbath.

The Aussie founders of a global fashion juggernaut have lost hundreds of millions of dollars in a stock market bloodbath.

Simon and Tah-nee Beard founded the Culture Kings sneaker and streetwear empire back in 2008 on the Gold Coast.

Initially starting as a humble stall at the Carrara markets, within a few years it had expanded rapidly with stores across Australia and New Zealand.

By 2020, Culture Kings was turning over almost $200 million with a $20 million net profit, and it became such a success story that in 2021, it was snapped up by US buyer a.k.a. Brands for $307 million in cash plus 23.3 million shares.

Culture Kings was born on the Gold Coast in 2008. Picture: Jerad Williams

That same year, the husband-and-wife duo made their debut on the Australian Financial Review Rich List with a total net worth of $626 million while still in their 30s.

The company gained a cult following after cementing itself as “a premium streetwear brand with exclusivity and superiority across a wide range of genres, styles and cultures”, offering 100 international brands and “world exclusive pieces”.

It also attracted a following thanks to daily DJ performances and in-store challenges allowing shoppers to compete for upmarket prizes including everything from holiday packages to Yeezys, successfully blurring the lines between retail and entertainment.

Over the years it has attracted legions of fans including world-famous athletes, artists and celebrities, with Drake, Migos and A$AP Rocky among the A-listers seen in stores.

Culture King founders Simon and Tah-nee Beard have seen their wealth fall by hundreds of millions.

It is understood the couple have held onto their shares throughout the price fluctuations.

In February this year, Snoop Dogg appeared in a Melbourne store, after previously visiting a store in Nerang Mall and snapping up $25,000 worth or merchandise in 2011.

At their peak, the Beards’ shares were worth $US14.76 ($22.09) – but by late last month, that had plummeted to a mere $US0.55 ($0.82), representing a fall in their wealth from $US343.9 million ($514.6 million) to just $US12.8 million ($19.1 million).

Simon Beard pictured in the Nerang Mall in 2011 after selling $25,000 worth of merchandise to Snoop Dogg and his entourage.

In the years since they sold to a.k.a Brands, the Beards have been busily adding to their property portfolio, dropping $15.25 million on a penthouse in Surfers Paradise in 2021 and $11.75 million on an Isle of Capri mega mansion in 2020.

Just last month it was announced that the couple had left Culture Kings altogether two years after the sale and several months after the brand’s first US store opened in Las Vegas, which was reportedly “exceeding expectations” almost immediately.

Speaking with The Australian in March, Mr Beard said it was time for the pair to move on and focus on new challenges.

“As the founder it’s my baby, and Tah-nee has delivered the Las Vegas store and is beating expectations, but Tah-nee and I are entrepreneurial to our core and the public company or holding company role it’s not for me, not my best fit,” Mr Beard said.

“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 but for us we are entrepreneurs.”