Fanatics, a sports platform on the path to a potential IPO, has named Andrew Low Ah Kee as the new Chief Executive Officer for its largest business segment, Fanatics Commerce. This strategic move marks the latest in a series of executive changes as Fanatics continues to strengthen its position in the market.
Fanatics Commerce encompasses the company’s merchandise division, which includes licensed fan gear, jerseys, and various apparel and products, as well as e-commerce and stadium and event retail. Under Kee’s leadership, this segment has grown to generate over $5 billion in annual sales, significantly contributing to Fanatics’ overall revenue and valuation. The company is set to achieve an estimated $8 billion in revenue this year, following a successful fundraising round in December 2022 that valued the company at $31 billion.
Chairman and CEO of Fanatics, Michael Rubin, restructured the business in 2021, focusing on three core business lines: commerce, now led by Low Ah Kee; betting and gaming, headed by former FanDuel CEO Matt King; and collectibles, led by former Dick Clark Productions CEO Mike Mahan. The company has also made strategic hires to oversee its Mitchell & Ness brand and livestreaming division, areas with anticipated future growth.
Rubin expressed, “As we focus on further building our Commerce business and doubling down on creating the best overall fan experience, we were looking for a proven executive who is obsessed with creating elite customer experiences, utilizing innovation for growth, scaling companies globally, producing strong financial results, building renowned brands, and establishing strong teams and internal culture.”
These executive appointments are integral to Fanatics’ pursuit of an eventual IPO as the company expands beyond its core sports merchandise business. Recent strategic moves, including the acquisition of PointsBet’s U.S. assets for approximately $150 million in May, signify Fanatics’ diversification into sports betting.
Fanatics has been actively engaging with investors, hosting events like its second investor day in June, where Rubin and other executives met with over 100 existing and prospective institutional investors. The company’s commitment to growth and transparency is further exemplified by its hire of Deborah Crawford, formerly of Meta, to lead investor relations in April.
Low Ah Kee takes the helm from Doug Mack, who has served as Fanatics Commerce CEO since 2014 and recently announced his retirement at the end of 2023. Mack will collaborate with Low Ah Kee during the transition and subsequently assume a special advisory role within the company, aligning with Fanatics’ continued evolution and expansion.
