Direct-to-consumer fashion platform a.k.a. Brands has snapped up all the equity interests of US men’s streetwear brand Mnml for 48.6 million dollars.
The LA-based brand will be sold in the US and Australia through its own website, as well as Culture Kings, an Australian streetwear retailer bought by a.k.a. Brands for an undisclosed sum back in April.
“We are confident that our customers and our brand will benefit from a.k.a. Brands’ highly skilled leadership team and their extensive experience scaling successful e-commerce businesses while preserving brand authenticity,” said Mnml founder and CEO Matthew Fields.
Established in LA in 2016, Mnml is a direct-to-consumer men’s streetwear brand that designs premier, fashion-forward apparel.
In fiscal 2020, the brand’s net revenue came in at approximately 20 million dollars, with around 20 percent of that coming from outside of the US. Year-to-date, Mnml made “market-beating net revenue growth while also generating double-digit EBITDA margin”, a.k.a. Brands said.
a.k.a. Brands expands portfolio
“As a high-growth, content-rich, fashion-forward brand, Mnml perfectly fits into the a.k.a. portfolio, and I am thrilled to welcome it to our all-star group of DTC fashion brands,” said a.k.a. Brands CEO Jill Ramsey.
She said she believes Mnml has “tremendous opportunities for meaningful growth in the US and internationally”.
“Mnml’s merchandising expertise and highly loyal customer base provides synergistic opportunities with Culture Kings that we believe will unlock compelling growth for both brands,” she said.
Established in 2018, a.k.a. Brands is a global platform of direct-to-consumer, digitally native fashion brands.
The company, whose portfolio also includes brands Princess Polly, Petal & Pup, and Rebdolls, floated on the New York Stock Exchange in September.
It originally planned to offer its common stock at a price of between 17 dollars and 19 dollars, but lowered that soon before the IPO to a price of 11 dollars a share.
After initially falling to 8.2 dollars following its debut, shares have since risen back to 10.73 dollars as of market close on Thursday.