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Here are 1-3 brief analogies for a.k.a. Brands (AKA):

• A Thrasio for online fashion brands. (Thrasio is known for acquiring and scaling e-commerce brands; AKA applies this model to direct-to-consumer fashion.)
• Like a digital-first VF Corporation (owner of Vans and The North Face) for Gen Z fashion. (VF Corp manages a portfolio of apparel brands; AKA does the same but for online-native, trendy fashion brands targeting younger demographics.)

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a.k.a. Brands (AKA) primarily offers a range of direct-to-consumer fashion products through its portfolio of brands:

• Women's Fashion Apparel: Offers a wide range of trendy and everyday clothing for women, including dresses, tops, and bottoms, primarily through Princess Polly and Petal & Pup.
• Streetwear Apparel: Provides a curated selection of contemporary streetwear clothing, sneakers, and accessories for both men and women through Culture Kings and mnml.
• Fashion Accessories: Supplies various complementary items like jewelry, bags, hats, and footwear designed to complete fashion ensembles across their brand portfolio.

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a.k.a. Brands (symbol: AKA) sells primarily to individuals directly through its portfolio of digital-first, direct-to-consumer (DTC) fashion brands. The company does not have major institutional B2B customers in the traditional sense of selling its products wholesale to other large companies as its primary revenue driver. Instead, its business model focuses on engaging and selling directly to end consumers through its various brand websites and apps.

Based on its brand portfolio, a.k.a. Brands serves the following primary categories of individual customers:

• Young, Trend-Driven Women (primarily Gen Z and younger Millennials): This demographic is highly active on social media, influenced by fashion influencers, and seeks fashionable, affordable apparel for various social occasions, events, and everyday wear. Brands like Princess Polly and Petal & Pup primarily cater to these customers, offering a wide range of trendy dresses, tops, and accessories that align with current fast-fashion trends.
• Global Streetwear and Urban Fashion Enthusiasts: These individuals (spanning various ages, but often younger adults, and appealing to both male and female audiences, with a strong male focus for some brands) are deeply engaged with streetwear culture. They seek exclusive drops, branded apparel, and contemporary urban fashion styles. Culture Kings and mnml are key brands serving this segment, offering a diverse range of streetwear, sneakers, and accessories that reflect global urban fashion trends.

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Ciaran Long, Chief Executive Officer

Ciaran Long was appointed Chief Executive Officer of a.k.a. Brands in January 2025, having served as interim CEO since March 2023. He previously held the position of Chief Financial Officer for a.k.a. Brands from April 2021 to January 2025. Prior to joining a.k.a. Brands, Mr. Long served as Chief Financial Officer of Samsclub.com, a multi-billion-dollar omnichannel business, and held various leadership positions within Walmart's eCommerce division. He co-founded CleanGrow, a company focused on developing new sensor technology for water quality, and also held finance leadership roles at CBS, CNET Networks, and KPMG.

Kevin Grant, Chief Financial Officer

Kevin Grant was named Chief Financial Officer in January 2025, after serving as the company's Global Controller since April 2021. Before joining a.k.a. Brands, Mr. Grant spent seven years in senior finance leadership roles on Walmart's eCommerce team. This included serving as Group Controller for Walmart U.S. e-commerce brands such as Jet.com, Bonobos, Eloquii, Shoes.com, Modcloth, and Moosejaw, where he led accounting transformation and integration for acquired e-commerce businesses. His experience at Walmart also encompassed roles as Controller of SamsClub.com, Head of Controllership M&A, and Head of Technical Accounting. Earlier in his career, Mr. Grant spent 11 years in Ernst & Young's Assurance Practice, working with registrants and venture capital-backed private companies in the technology and digital media industries.

Michael Trembley, CIO & Senior Vice President of Operations

Michael Trembley joined a.k.a. Brands in September 2020 as CIO & SVP of Operations. He brings over 20 years of experience in leveraging technology platforms and leading operations across eCommerce, retail, and digital consumer services. Before a.k.a. Brands, Mr. Trembley served as Vice President of Product Management at Macy's, where he led the evolution and scaling of merchant and vendor technology platforms. He also spent thirteen years at Walmart in various roles, including Vice President of Marketplace and Partner Services, where he led strategy, platform development, and operations for third-party marketplace and drop-ship businesses.

Kenneth (“K.C.”) White, Head of Legal

Kenneth (“K.C.”) White joined a.k.a. Brands in June 2022 as Head of Legal. He is a strategic leader with over 15 years of experience providing legal, operational, and strategic advice to business leaders. Prior to his role at a.k.a. Brands, Mr. White served as Vice President, Legal at Viant, a publicly traded digital advertising company.

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a.k.a. Brands (AKA) faces several key risks to its business operations and financial stability:

1. Weak Financial Position and Heavy Debt Load: The company exhibits a fragile balance sheet, characterized by negative free cash flow, ongoing net losses, and a substantial debt load that approaches its market capitalization. This financial strain limits flexibility for operations and expansion, and poses significant refinancing risks for its debt.
2. Supply Chain Vulnerabilities and Tariffs: a.k.a. Brands' significant reliance on third-party suppliers and manufacturers, primarily located in China, exposes it to various supply chain risks. These include potential disruptions, increased labor costs, and the direct impact of import tariffs on gross margins. Recent changes, such as the elimination of the de minimis exemption for low-value Chinese imports, further exacerbate cost and market dynamic risks.
3. Rapidly Evolving Consumer Preferences and High Marketing Costs: Operating within the fast-fashion apparel industry, a.k.a. Brands is inherently susceptible to rapid shifts in consumer tastes, particularly among its Gen Z and Millennial target demographic. The constant need to remain on-trend means the company is at risk of its brands falling out of style. Additionally, maintaining brand relevance and acquiring new customers necessitates continuous and high investments in digital marketing, which pressures net profit.

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The rise of ultra-fast fashion retailers, such as Shein and Temu, presents a clear emerging threat. These companies leverage sophisticated supply chain technology, real-time trend analysis, and aggressive pricing to produce and deliver massive quantities of trend-driven apparel at extremely low price points and high speed. This model directly competes with and puts significant pressure on digitally-native direct-to-consumer fashion brands like those under the a.k.a. Brands portfolio (e.g., Princess Polly, Culture Kings, Petal & Pup) for market share, pricing power, and customer attention, particularly among younger, fashion-conscious demographics.

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a.k.a. Brands (symbol: AKA) primarily operates a portfolio of online fashion brands that offer streetwear apparel, dresses, tops, footwear, headwear, wardrobe staples, and accessories directly to consumers (D2C). Their main brands include Princess Polly, Petal & Pup, Culture Kings, and mnml, targeting Gen Z and Millennial consumers.

The addressable markets for their main products and services are as follows:

• Global E-commerce Apparel Market: The global e-commerce apparel market was valued at approximately USD 1,025.68 billion in 2024 and is projected to reach nearly USD 3,873.74 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 18.07% from 2025 to 2032. Other estimates place the global e-commerce apparel market at USD 714.30 billion in 2024, expected to grow to USD 1,706.58 billion by 2034 with a CAGR of 9.10% from 2025 to 2034. Another report states the market size as USD 553.1 billion in 2021, projected to grow to USD 1,160.56 billion by 2030 with a CAGR of 8.6% from 2022 to 2030.
• Global Direct-to-Consumer (D2C) Fashion and Apparel Segment: The fashion and apparel segment holds a significant share of the overall D2C market, accounting for around 33.9% in 2024. The D2C fashion market is anticipated to reach a valuation of USD 1 trillion by 2025. The global direct-to-consumer (D2C) market, which encompasses fashion and apparel, was valued at USD 583.48 billion in 2024 and is estimated to reach USD 2,750.28 billion by 2033, growing at a CAGR of 17.30% from 2025-2033.

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a.k.a. Brands (AKA) is anticipated to drive future revenue growth over the next 2-3 years through several key strategic initiatives:

1. Retail Expansion and Omnichannel Initiatives: The company is actively expanding its physical retail footprint, particularly with its Princess Polly brand in the U.S. They have opened new Princess Polly stores, which have reportedly outperformed expectations in terms of revenue, profitability, and new customer acquisition. Plans include opening additional Princess Polly stores in the U.S. in the coming years. This brick-and-mortar growth complements their digital-first approach and is a significant part of their omnichannel strategy.
2. Growth in Wholesale Partnerships: a.k.a. Brands is expanding its presence through wholesale partnerships, notably for brands like Petal & Pup with retailers such as Nordstrom and Nykaa Fashion in India. This strategy allows them to reach new customer segments and markets beyond their direct-to-consumer channels.
3. Direct-to-Consumer (DTC) Customer Acquisition and Retention: A core driver involves attracting and retaining customers on their direct-to-consumer platforms through trend-driven, exclusive merchandising and distinctive marketing strategies. The company has reported growth in its active customer count and global orders, indicating continued focus on expanding its customer base and engaging existing shoppers through its diverse brand portfolio.
4. Performance and Expansion of Key Brands and Merchandising Strategies: Specific brands within the a.k.a. Brands portfolio are expected to contribute significantly. Princess Polly continues to demonstrate strong performance, with increased website traffic and double-digit growth in categories like denim. Similarly, Culture Kings' in-house brands, including Loiter, mnml, and Carre, are generating strong revenue growth and improved gross margins by leveraging a "test and repeat" merchandising approach, especially in the U.S. and Australia. Petal & Pup has also seen successful collection launches exceeding previous results.
5. Optimized Sourcing and Inventory Management: While impacting gross margin, the company's efforts in sourcing diversification and improved inventory management are crucial for supporting revenue growth by ensuring product availability and meeting strong customer demand. Recovering from past supply chain disruptions and maintaining healthy inventory levels will enable consistent sales.

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Share Repurchases

• In June 2023, the Board of Directors authorized a share repurchase program of up to $2 million.
• Later in 2023, the Board approved an additional repurchase capacity of $3 million, bringing the total authorized to $5 million.
• As of the end of the third quarter of 2025, approximately $1 million remained in the share repurchase authorization.

Share Issuance

• a.k.a. Brands completed its Initial Public Offering (IPO) in September 2021, pricing 10,000,000 shares at $11.00 per share.
• The IPO generated gross proceeds of $110 million, with net proceeds to the company of approximately $96.4 million.

Outbound Investments

• A portion of the net proceeds from the September 2021 IPO was allocated to repurchase minority interests in Petal & Pup.
• The company maintains a portfolio of brands including Princess Polly, Culture Kings, Petal & Pup, and mnml, and focuses on helping these digitally native fashion brands grow.

Capital Expenditures

• Expected capital expenditures for the full year 2024 were projected to be between $10 million and $12 million.
• For the full year 2025, capital expenditures are expected to be approximately $12 million to $14 million.
• These capital expenditures are primarily focused on expanding the physical retail footprint, such as opening new Princess Polly stores, and advancing supply chain optimizations.