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Tahnee and Simon Beard’s Culture Kings grew from early selling at Carrara Markets into an international streetwear retailer. In March 2021, a.k.a. Brands acquired a 55% stake. The often-repeated “$600 million” figure refers to the reported value of the company—not $600 million in cash paid to the Beards.
From a Carrara Markets stall to a streetwear business
The Beards’ origin story begins at Carrara Markets on Australia’s Gold Coast. The Australian Financial Review’s 2022 How I Made It episode description identifies Simon Beard and his wife Tahnee as starting Culture Kings at a market stall. That early selling activity is part of the story, but it is distinct from the company’s stated founding year: a.k.a. Brands says Culture Kings was founded in Australia in 2008.
Simon Beard later recalled spending six years testing products before finding a fit with Culture Kings. In a 2023 PerthNow profile, he described being frustrated that people wore surf clothes and said he wanted a different kind of streetwear. These are the founder’s recollections of the path to the business, rather than independently documented measures of what caused its growth.
How Tahnee and Simon divided the work
Simon Beard’s account gives Tahnee a central role in turning the idea into an operating business. He has described himself as generating the vision and pushing expansion, while Tahnee made ideas workable and built systems. That division of labor is his retrospective framing, but it helps explain the partnership behind a business that had to move from selling products to building a retail operation.
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For a personal-finance reader, that distinction matters: a compelling founder story is not the same as a documented breakdown of ownership or earnings. The available transaction reporting does not establish each founder’s individual proceeds or a founder-by-founder equity split.
What Culture Kings built
a.k.a. Brands describes Culture Kings as a streetwear retail destination selling apparel, footwear, headwear, and accessories. In its 2025 Form 10-K, the company said Culture Kings offered in-house designed labels alongside products from more than 100 third-party streetwear brands. It also described experiential concept stores in Australia and New Zealand, a Las Vegas store opened in November 2022, and event and collaboration activity. These are the parent company’s descriptions of the brand and its operations.
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The retail proposition combined merchandise with an experience around the brand. That helps make sense of why the story is not simply about a market stall becoming a chain of shops: Culture Kings developed into a retailer with its own labels, a broad assortment, physical destinations, and events.
What the 2021 acquisition figures mean
a.k.a. Brands’ 2023 Form 10-K provides the clearest account of the transaction. On March 31, 2021, a subsidiary acquired a 55% ownership stake in Culture Kings. The filing records AUD 307.4 million in cash consideration and a fair value of AUD 186.0 million for the noncontrolling interest. Its purchase-allocation table records total consideration of USD 369.77 million.
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| Figure | What it represents |
|---|---|
| 55% | Ownership stake acquired on March 31, 2021, according to a.k.a. Brands’ 2023 Form 10-K. |
| AUD 307.4 million | Cash consideration recorded for the transaction in the filing. |
| AUD 186.0 million | Fair value assigned to the noncontrolling interest in the filing. |
| USD 369.77 million | Total consideration shown in the filing’s purchase-allocation table. |
| Above $600 million | Total company value reported by PerthNow in 2023; not the cash consideration recorded in the filing. |
These figures describe different things and use different currencies. The filing’s AUD 307.4 million is cash consideration; it is not the same as the total consideration in the purchase-allocation table or the broader valuation reported in the press.
Why headlines say “$600 million”
PerthNow reported the sale as $307 million in cash plus shares and said the total value exceeded $600 million. That is the source of the familiar headline framing. It should be read as a reported total company valuation, not as a claim that the founders received $600 million in cash.
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The filing describes a majority-stake acquisition, not an all-cash purchase of the entire company on the terms shown. It records cash consideration and a noncontrolling interest, while PerthNow’s headline account includes shares and a broader total value. The sources cited here do not establish how much either Tahnee or Simon personally received.
Simon Beard also told PerthNow, “It was all done with no loans or investors. We proved you can build a $600m brand without it (outside investment).” That is his claim about the company’s financing history; it does not independently establish every aspect of the business’s financing.
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Culture Kings’ more recent direction
In its August 5, 2026 second-quarter results release, a.k.a. Brands said Culture Kings had signed a lease for a store in Puerto Rico and was nearing an agreement for a store in a major U.S. market. The release also connected the brand’s shift toward a full-price, test-and-repeat model with margin expansion across the group. Those details describe plans and company statements at the time of the release; they do not confirm that either planned store subsequently opened.
The arc from early market selling to a majority-stake acquisition is documented more firmly than any single explanation of the brand’s valuation. The founders’ accounts describe how they saw the opportunity and divided the work; the filing clarifies what changed hands in 2021. Together, they show the difference between building a retail brand and the financial terms later attached to its sale.
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