Dive Brief:
- A.k.a. Brands on Monday named Ciaran Long its chief executive officer, per a company news release.
- Long has been interim CEO since March 2023, when he replaced Jill Ramsey who held the position since 2020 and stayed on as a board member. Long has also been CFO of A.k.a. Brands since joining the company in April of 2021 from Walmart e-commerce where he was CFO of SamsClub.com.
- With the new appointment, Long relinquishes his CFO title to Kevin Grant, who has been the company’s global controller since April 2021. Grant, who reports to Long, spent seven years with Walmart e-commerce in senior finance leadership positions prior to joining A.k.a. Brands.
Dive Insight:
The overall sales performance of A.k.a. Brands ticked up during 2024 and Long is given credit by the board of directors for much of that.
“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 U.S. sales expansion, and a meaningful increase in adjusted EBITDA year-over-year,” Christopher Dean, chairman of the board of directors, said in a statement. “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.”
On Monday, the brand released preliminary revenue numbers for Q4 and fiscal year 2024, predicting increases across the board. Net sales for Q4 are projected to increase 6.8% to $159 million, compared to $148.9 million in the fourth quarter of 2023. Net sales for the full year are expected to increase 5.2% to $574.7 million, compared to $546.3 million in 2023. The company will report official numbers to shareholders on March 6, per a company spokesperson.
A.k.a. Brands’ portfolio of brands includes Princess Polly, Culture Kings, Petal & Pup and Mnml.
About two years after filing for an initial public offering, the company received a delisting warning from the New York Stock Exchange after falling out of compliance with the requirement that its common stock be at a closing price of at least $1 over a 30-day trading period. To address the issue, the company chose a 1-for-12 reverse stock split.
The company has since expanded its Princess Polly retail footprint and currently has six brick-and-mortar stores, including four in California, one in Arizona and one in Boston, according to its website. A new store in New York’s SoHo district is set to open either late first quarter or early second quarter of this year, per the company.
“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,” Long said in a statement. “I appreciate the Board’s vote of confidence and plan to continue doing everything I can to deliver value to our stakeholders.”
