A.K.A. Brands to acquire men’s fashion brand Mnml
A.K.A. Brands Holding Corp., a San Francisco-based company specialized in digital-native fashion brands targeting millennial and Gen-Z consumers, has acquired direct-to-consumer men’s streetwear brand Mnml for $48.6 million of combined cash and equity.
As part of the deal, A.K.A. Brands will once again expand its portfolio of digital brands, which includes the Princess Polly, Culture Kings, Petal & Pup and Rebdolls brands, among others. The acquisition closed on October 14, 2021.
"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 Jill Ramsey, chief executive officer of A.K.A. Brands. “The brand is a proven performer, and this is another step toward our vision of becoming the global leader in direct-to-consumer fashion for the next generation.”
The Los Angeles-based Mnml, founded in 2016, is recognized as an early mover in the DTC streetwear segment, thanks to its modern wardrobe staples, current trends and highly sought-after styles.
Ramsey also noted an obvious synergy with the A.K.A. portfolio, where Mnml will be sold through Culture Kings in the U.S. and Australia, in addition to its own website, mnml.la.
“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. The acquisition reinforces our presence in the vibrant streetwear market, and we are confident that Mnml has tremendous opportunities for meaningful growth in the U.S. and internationally,” Ramsey added.
In fiscal 2020, Mnml’s net revenue was approximately $20 million and about 20 percent of that was from outside of the U.S. Year-to-date, Mnml delivered market-beating net revenue growth while also generating double-digit EBITDA margin.
"A.K.A. Brands is a top-tier acquirer and accelerator of DTC brands and the perfect partner to scale Mnml," said Matthew Fields, founder and chief executive officer of Mnml. "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. We are excited to join the other great brands in the A.K.A. portfolio and work closely with Culture Kings to create value and opportunities for both of our businesses.”
Last month, A.K.A. Brands made its initial public offering, opening below the initial public offering price.
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