A.k.a. Brands names Ciaran Long as chief executive officer
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A.k.a. Brands Holding Corp., which includes brands targeting Gen Z and millennial audiences, such as Princess Polly, Culture Kings, Mnml and Petal & Pup, has appointed Ciaran Long as chief executive officer, effective immediately.
Long, who has more than 25 years of financial leadership, strategic development and management experience, has held the joint role of interim chief executive officer and chief financial officer since March 2023.
Christopher Dean, chairman of the board of directors at A.k.a. Brands, said in a statement: “The Board is thrilled for Ciaran to officially step into the position of chief executive officer. Under Ciaran’s leadership, A.k.a. Brands has achieved significant milestones, including a return to net sales growth, three consecutive quarters of double-digit US sales expansion, and a meaningful increase in adjusted EBITDA year-over-year.
“Ciaran is a strategic and seasoned leader who has driven organizational change across the business, and we’re confident that his robust understanding of the business and proven track record make him the ideal candidate to lead the company.”
Prior to joining A.k.a. Brands in 2021, Long served as chief financial officer of Samsclub.com, a multi-billion-dollar omnichannel business and vice president of finance for membership, marketing and supply chain at Sam’s Club. He has also held leadership positions within Walmart’s e-commerce division and numerous finance leadership positions at CBS, CNET Networks and KPMG.
On his appointment, Long added: “As interim chief executive officer and chief financial officer, I gained a unique perspective and even greater appreciation for the hard work of our global team driving our success.
“We are still in the early stages of expanding the four brands in our portfolio across channels and geographies, and we plan to continue to add more brands over time. I appreciate the board’s vote of confidence and plan to continue doing everything I can to deliver value to our stakeholders.”
In addition, A.k.a. Brands has promoted Kevin Grant to chief financial officer. He has been with the company since April 2021 as global controller within the finance team. Before joining A.k.a. Brands, Grant spent seven years in senior finance leadership roles on Walmart’s e-commerce team and eleven years at Ernst & Young.
A.k.a. Brands Holding Corp. announces preliminary fourth quarter and fiscal 2024 results
The announcement came as the company released preliminary, unaudited financial results for the fourth quarter and full year 2024, which revealed that net sales for Q4 increased 6.8 percent to approximately 159.0 million US dollars, compared to 148.9 million US dollars in the fourth quarter of 2023.
In the US, net sales in Q4 increased 21.6 percent to approximately 96.1 million US dollars, compared to 79.1 million US dollars in the fourth quarter of 2023.
The company now expects adjusted EBITDA to be between 6.0 million US dollars and 6.2 million US dollars in the fourth quarter, compared to 1.3 million US dollars in the fourth quarter of 2023.
For the full year 2024, net sales increased 5.2 percent to approximately 574.7 million US dollars, while net sales in the US rose 16.9 percent to approximately 368.8 million US dollars, compared to 315.5 million US dollars for fiscal year 2023.
The company now expects adjusted EBITDA to be between 23 to 23.2 million US dollars for the full year 2024, compared to 13.8 million US dollars for fiscal year 2023.
On the results, Long said: “Our strong fourth quarter preliminary results exceeded our expectations on both the top and bottom lines. I am pleased to report that in addition to the strength across our direct-to-consumer channel, our omnichannel initiatives are gaining momentum.
“Based on Petal & Pup’s success in 40 Nordstrom stores in the Fall, Petal & Pup is expected to be available at all Nordstrom stores this Spring. Additionally, Princess Polly opened two new stores in California in the fourth quarter and is on track to open its first store in New York City early this year. Our strong fourth-quarter results, combined with continued progress across our strategic initiatives, highlight the significant growth opportunities ahead and our ability to deliver value over the long-term.”