You Won’t Believe What Made Rich Lister Simon Beard Leave Culture Kings

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The founders of Culture Kings, Simon and Tah-nee Beard, have left the streetwear chain.

During the pandemic, the value of The Beards’ shares surged due to the boom in e-commerce. This contributed to their inclusion in the 2021 Financial Review Rich List, where their overall valuation was reported to be $626 million, with their shares briefly worth more than $300 million.

Simon Beard, who remained CEO of Culture Kings while Tah-nee was the COO, was not bothered by the share price decline or his lack of control over it. Instead, he found the culture of the public company to be disagreeable.

“I understand that the decision-making process is slow, which I think is reasonable. Sometimes the outcome is the only factor distinguishing between bravery and foolishness,” he said.

“Entrepreneurs may struggle with presenting their ideas effectively in a PowerPoint presentation, even if they have confidence in the potential success of their idea.”

The Beards stopped their involvement in the day-to-day operations of Culture Kings in January, and their departure was mentioned in the recent earnings report.

According to Mr Beard, he and Tah-nee will continue to be involved with Culture Kings as advisers, and their departure from operational roles was planned as part of the deal with Summit Partners.

“If you pay someone $307 million, you cannot expect them to work for the same job indefinitely,” he said.

“Tah-nee and I have been working as market carnies for a long time, and I don’t feel comfortable receiving a salary. I prefer to be paid based on my performance rather than the hours worked.”

“I want to assist direct-to-consumer brands with reducing their customer acquisition cost by creating physical stores for them. These brands have a successful business online already,” Mr Beard said.

Mr Beard clarified that they would not invest in retail ventures directly competing with Culture Kings.

“Culture King’s still my baby,” he said.

“I want to kill anything that competes with Culture Kings.

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