Hypebeast, the digital media and e-commerce company focused on streetwear, plans to list its shares on Nasdaq through a merger with Iron Spark I, Inc. The firm also indicated former Nike brand president Trevor Edwards will join its board.
Hypebeast is already listed on the Hong Kong Stock Exchange and will maintain both listings.
Founded in Hong Kong in 2005 as a sneaker blog by now Executive Director, Chairman, and CEO Kevin Ma, Hypebeast now has a community of 26 million social media followers and 18 million monthly unique visitors to its digital platforms.
Comprised of three major divisions, including HypeMedia, an umbrella of online editorial and social media platforms; HypeMaker, an in-house creative production agency; and HBX, an e-commerce platform and omnichannel shopping destination, Hypebeast’s global readership spans 80-plus countries across Asia, Europe and the U.S.
Hypebeast’s said its brand engagement and global customer loyalty drive a high-margin, consistently profitable business. Hypebeast achieved a CAGR of 34 percent from 2015 to 2021 in revenue growth and is expected to generate revenue of not less than US$112 million in the fiscal year ended March 31, 2022, largely driven by a growing audience of readers and the expansion of media brand partnerships. The company said it has strong relationships with more than 250 global brands in e-commerce and media, capturing significant growth opportunities in the US$1.6 trillion total addressable global apparel and footwear market.
Kevin Ma, Executive Director, Chairman, and CEO of Hypebeast, said: “For more than 15 years, we’ve been on a mission to share the most authentic aspects of culture all around the globe. We’ve built a loyal and passionate community who trust our curation across diverse lifestyle categories spanning fashion, arts, design, luxury, sports, technology, and more. Partnering with Iron Spark and entering the public markets in the US will propel us to the next level. With access to new capital and talent, we will expand our universe of content, commerce, and experiences in a way that strengthens our business and community.”
Joshua L. Spear, CEO, Iron Spark I , said: “I’m incredibly excited to be partnering with Kevin and his team to bring Hypebeast to the next level through this transaction. Even after 15 years since I first stumbled upon Kevin’s then sneaker blog, Hypebeast still brings me joy. The brand holds a commanding seat at the intersection of culture, commerce, and technology and represents a growing cultural movement that inspires people worldwide. I can’t wait to help them seize the enormous growth opportunity in front of them.”
Amy Butte, Chairperson of Iron Spark I, said: “ISAA went public in June 2021 seeking to become the beginning of the next generation of SPACs that are founder-friendly, operator oriented and not afraid to innovate. With its track record of organic growth and public company discipline, Hypebeast is a perfect example of a company that is ‘hidden in plain sight’ both for its cultural significance and compelling business profile. We look forward to partnering with Kevin and the management team as we raise funds to accelerate growth, leverage the globally recognized brand into new categories and make the company stock available to more individuals through a listing on the US public markets.”
Trevor Edwards, Independent Director of Iron Spark I and former president of Nike, said: “It has been amazing to watch Kevin and the Hypebeast team for almost two decades grow from a small blog to a global barometer and catalyst of culture. Hypebeast has built a powerful connection amongst its readers and consumers globally who want to discover the undiscovered and learn about the up-and-coming—and they wholeheartedly trust in the brand to provide that. I look forward to collaborating with Hypebeast as they bridge communities of creators and consumers from around the world.”
