An ambitious couple based on the Gold Coast who started with a single streetwear store in 2008 have revealed how they sold a majority stake in their business for a reported $626million.
Street cred propels Culture Kings onto Rich List
May 26, 2021 – 12.00am
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It’s a retail outfit employing DJs and selling sneakers, baseball caps and T-shirts attracting such a strong following that its young founders, Simon and Tah-nee Beard, have landed themselves on the Financial Review Rich List with an estimated net wealth of $626 million.
And it was all built straight out of high school, where Mr Beard, now 37, started selling clothing at the weekend Carrara markets on the Gold Coast before he and Tah-nee built an eBay business importing and reselling goods from the US.
Simon and Tah-nee Beard are taking Culture Kings to the US after a partial sale of the business to a.k.a Brands.
The new rich: How these 20 Australians propelled themselves onto this year s Rich List Michael Bailey and Julie-anne Sprague, AFR Tesla chairman Robyn Denholm. (Damian Bennett)
For Grant Petty, becoming a Rich Lister is more about the vindication than the money.
Mr Petty, 52, is the co-founder of Blackmagic Design, a Melbourne-based manufacturer of equipment and software for filmmakers. Its products have been used on 20 out of the 30 highest-grossing Hollywood films of all time, and are increasingly popular with YouTubers and social media influencers.
The company is now worth about $1.6 billion, valuing Mr Petty’s stake at $588 million. Blackmagic Design co-founder Grant Petty (AFR, Kristoffer Paulsen)
Twenty people appear on the Financial Review Rich List for the first time when it’s revealed on Friday, including seven from Australia’s burgeoning tech sector.