Fanatics has recently appointed Andrew Low Ah Kee, ex-president of Opendoor, as the new head of its commerce department––a division that generates more than $5 billion from its merchandise and e-commerce activities including the selling of jerseys, fan apparel, and other sports-related goods. The private business, estimated to be worth up to $31 billion, has made several executive appointments in recent weeks as it appears to be preparing for a potential IPO.
Fanatics has brought aboard a new chief executive for its major business division, a development that is in line with the sports platform's preparations for a potential IPO. Andrew Low Ah Kee, who recently served as president of Opendoor and was formerly the COO of GoDaddy, will take on the role of CEO of Fanatics Commerce. This division deals with mostly licensed fan wear, jerseys, other apparel, e-commerce, and stadium/event retail, all of which have contributed to the company's yearly sales of over $5 billion, boosting overall revenue and valuation.
Michael Rubin, Fanatics' chairman and CEO, reorganized the business in 2021 to focus on three different divisions: commerce (overseen by Low Ah Kee), betting/gaming (led by ex-FanDuel CEO Matt King, employed in 2021), and collectibles (run by ex-Dick Clark Productions CEO Mike Mahan, hired in 2022). Moreover, the company has recently recruited personnel to manage the Mitchell & Ness label and its livestreaming service, two sectors they anticipate can generate future growth.
Rubin mentioned that they searched for an executive that had "strong financial results, built renowned brands and established powerful teams and internal culture". These recent appointments bring Fanatics closer to Rubin's goal for an IPO, as the business expands beyond sports merchandise. In May, they acquired PointsBet's U.S. assets for approximately $150 million, while in June they attended their second investor day of 2021. Last November, Rubin met with sell-side analysts and in April the company declared the appointment of Deborah Crawford from Meta as their new investor relations head.
Doug Mack, who has served as Fanatics Commerce CEO since 2014, stated last month that he would retire at the end of 2023. Mack and Low Ah Kee will work together until the year's end, after which Mack will shift into an advisory role under Rubin and the company. Opendoor notified last December of Low Ah Kee leaving their firm.
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