Articore Group – the parent company of Australian-born marketplace Redbubble – has launched a strategic review amid a board and leadership shakeup.
Redbubble sells print-on-demand products based on user-submitted artwork, with products including clothing as well as lifestyle. Articore also manages TeePublic, a US-based marketplace operating under a similar concept.
According to the group board, the strategic review is attempt to assess opportunities to unlock shareholder value and accelerate growth.
The review will examine capital structure, strategic positioning, and value creation opportunities across the group’s portfolio. Articore’s board will appoint external advisers to lead this process and is currently finalising that appointment.
This comes after Redbubble co-founder Martin Hosking stepped down from the CEO role, being succeeded by US-based Vivek Kumar effective immediately. Anne Ward has also been replaced as board chair, with US-based Robin Mendelson taking over.
The leadership shakeup comes as a majority of Articore’s revenue originates from the United States.
“We are deliberately shaping a board that brings international perspective, commercial focus, and energised diversity while retaining appropriate expertise for an ASX-listed company,” Mendelson said.
“Articore’s board offers a powerful combination of global e-commerce leadership, shareholder advocacy, financial and audit expertise, and deep operational experience across digital marketplaces and public company governance.
“We are focused on the future to ensure we realise the full potential of this extraordinary business. The board will not allow legacy issues to distract from our commitment to disciplined execution, shareholder value creation, and building a stronger business for the long term.”
Alongside the launch of the strategic review, Articore also re-affirmed its FY25 guidance, reporting this remains on track. The group’s gross profit after paid acquisition (GPAPA) margin is expected to be between 25 per cent and 27 per cent, and perating expenditure is set to hit between $89 million to $92 million.
Articore is also expecting a positive underlying cash flow, subject to any incremental investment in Dashery in the second half. Dashery is a new product launched by Articore earlier this year, which is a platform that enables creators to further monetise their followings by selling print on demand merchandise to fans via their own store fronts.