Kathy Ireland-Backed Level Brands Posts First Public Financial Results
Level Brands, a marketing and brand licensing company backed by Kathy Ireland Worldwide (KIWW) that went public in November, narrowed its net loss to $1.3 million in the fiscal year ended Sept. 30 from $3.8 million year earlier.
Net sales at the Charlotte, NC-based company, which raised $12 million in an IPO, more than doubled to $4.4 million from $2 million a year earlier. Besides licensing (which accounted for $1.79 million of the revenue), one of the company’s other ventures is a Beauty & Pin-Ups professional beauty products division, where revenue dropped to $970,204 in the quarter, down from $2 million in the year-earlier period.
Level Brands’ outbound licensing roster includes the Ireland Men One (I’M1), Kathy Ireland Health and Wellness, and Beauty & Pin-Ups. Level bought a 51% percent stake in I’M1 from KIWW in January 2017.
In addition to the three brands, it has trademark registrations for 12 others. The company was formed as Level Beauty Group in 2015 in buying Beauty & Pin-Ups, and changed its name to Level Brands last November.
Level has a 10-year royalty-free license from KIWW for I’M1, which targets men’s grooming products.
It also has a seven-year royalty-free pact for the Kathy Ireland Health and Wellness brand and signed three agreements for it in September, the company said. Level is marketing the brand for alternative medicine, fitness, real estate services, spas, nutrition and weight loss products and other categories.
Kathy Ireland is Level Brands’ chief brand strategist; Jon Carrasco, Global Creative Officer for Kathy Ireland Worldwide, holds the same position at Level Brands under a one-year pact that ends in September. Martin Sumichrast is Level Brands’ CEO.
Martin Sumichrast, CEO, 704-445-5800