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HANGING 10: INTERVIEW WITH ANGUS KINGSMILL, CEO OF MAMBO ARTICLE CHRISTOPHER NIESCHE 2 Logo colours 1 To cater for the numerous applications which will carry our branding we have developed a selection of logo colour variants. To help you, a library of master logo artworks has been specially created for your use. Our logo has been specially drawn. To maintain consistency always use an original artwork from the Artwork Library. HANGING 10: 1 Masterbrand colour palette Our logo can be used in a variety of colours when used for masterbrand applications, all are acceptable and which is used will depend INTERVIEW WITH on the application. 2 Secondary colour palette When using our logo on colours from our secondary colour palette it can only appear in blue to maintain legibility and ANGUS KINGSMILL, consistency. 2 3 Mono logo (positive) For black and white applications, such as fax sheets, use the mono version of CEO OF MAMBO the logo. The entire logo reproduces in solid black. 4 Mono logo (negative) This version is for use only when the logo must appear in white on third party applications, when acting as a sponsor or partner. The entire logo reverses white out of a Christopher Niesche solid background. April 2014, Company Director Magazine 3 4 The Australian Institute of Company Directors is a member institute for directors dedicated to having a positive influence on the economy and society by promoting professional directorship and good governance. Company Directors delivers director development programs, information and advocacy to enrich the capabilities of directors, influence the corporate governance environment in Australia and promote understanding of, and respect for, the role of directors. With offices in each state of Australia and more than 34,000 members, Company Directors represents a diverse range of organisations, from the top ASX 200 publicly listed companies to not-for-profits, public sector entities and private companies. Disclaimer The material in this publication does not constitute legal, accounting or other professional advice. While reasonable care has been taken in its preparation, Company Directors does not make any express or implied representations or warranties as to the completeness, reliability or accuracy of the material in this publication. This publication should not be used or relied upon as a substitute for professional advice or as a basis for formulating business decisions. To the extent permitted by law, Company Directors excludes all liability for any loss or damage arising out of the use of the material in the publication. Any links to third party websites are provided for convenience only and do not represent endorsement, sponsorship or approval of those third parties, any products and services offered by third parties, or as to the accuracy or currency of the information included in third party websites. The opinions of those quoted do not necessarily represent the view of the Australian institute of company directors. Copyright Copyright strictly reserved. The text, graphics and layout of this guide are protected by Australian copyright law and the comparable law of other countries. The copyright of this material is vested in the Australian Institute of Company Directors. No part of this material can be reproduced or transmitted in any form, or by any means electronic or mechanical, including photocopying, recording or by any information storage and retrieval systems without the written permission of the Australian Institute of Company Directors. © Australian Institute of Company Directors 2014. Published in September 2014 by: The Australian Institute of Company Directors Level 30, 20 Bond Street Sydney NSW 2000 T: 61 2 8248 6600 F: 61 2 8248 6633 E: [email protected] W: www.companydirectors.com.au/bookstore Text design Kirk Palmer Design 2 Introduction s the director of a mid-size organisation we recognise that you have a particular set of challenges as you aim to take your business to the next Alevel. With tighter resources and a tough competitive environment you need to find smarter ways to harness and manage the levers of growth and constantly refresh your business agenda. To address these challenges, Company Directors, in conjunction with KPMG, has created the Directing Growth Program, a year-long blended learning and networking program. It brings together the latest thinking, industry experts and a community of like-minded directors to explore the spectrum from governance to growth strategies. It uses a mix of real world and digital modules and updates to help each business owner and director achieve the key outcomes they individually require and to progress their skills and career as a director. This ebook series is designed to deliver the most pertinent information across a variety of topics of specific value to business leaders of mid-size businesses. Of course, it is not business advice but rather intended to be helpful to your director development. 3 Hanging 10: Interview with Angus Kingsmill, CEO of Mambo For nearly 30 years, Mambo has been putting art onto anything that can be worn, hung, ridden, driven or played. Angus Kingsmill tells Christopher Niesche how a change in business model helped the iconic Australian brand to surf even bigger waves. “Would you like me to put shoes on?” asks Angus Kingsmill. It is not the sort of question you would ordinarily expect from a managing director, but the head of surf wear maker Mambo (Twitter @MAMBOAUSTRALIA) is not an ordinary boss. “I’ve got pants on and that’s a start,” Kingsmill adds during an interview at the Mambo headquarters in Manly, a beachside suburb in Sydney. From the outside, the headquarters looks like any other nondescript small industrial building. Inside, there is a ping pong table, some video games and a skeleton with a bowler hat sitting in a chair – and of course the artwork and designs that have made Mambo a household name in Australia. The barefoot boss and the quirky décor exemplify the laidback nature of the company and can make it easy to overlook the considerable success Kingsmill and his partners have had with the business since they bought it around six years ago. They have shepherded the company through the global financial crisis (GFC) and increased its turnover tenfold while, at the same time, letting staff come late to work if the surf is up. Kingsmill and a consortium of investors – the Nervous Investor Group 4 HANGING 10: INTERVIEW WITH ANGUS KINGSMILL, CEO OF MAMBO 5 – bought the business from the ASX-listed Gazal Corporation for around $10 million in 2008. The business was founded in 1984 as an after hours project at the screen printing business of entrepreneur Dare Jennings. Featuring shirts with quirky designs by well-known local and international artists such as Reg Mombassa (also the guitarist of Australian rock band Mental As Anything), Robert Moore and Robert Williams, the brand quickly earned a place of affection in many Australians’ hearts and wardrobes. Works such as the farting dog and the drunken koala and kangaroo under the beer tree raised eyebrows, but have also met with critical acclaim, with Mambo work featuring in exhibitions around the globe, including in the UK, Italy and our own Art Gallery of NSW and Sydney’s Museum of Contemporary Art. Later this year, the National Gallery of Victoria will host a three month exhibition to celebrate Mambo’s 30 years of irreverent art. But it has not always been plain sailing for the company. By the time the Nervous Investor Group bought Mambo from Gazal, the brand was in “almost a dormant state” with just 100 outlets distributing its products around the country. Kingsmill saw potential. He had noticed how Mambo outsold rivals Billabong, Quiksilver and Rip Curl at airport surf stores from his time as general manager of the Beach Culture chain “because it was so quirky and unique – the tourists loved it”. “We saw that treated and managed well, the brand had a lot of legs to be revived and not only grown in Australia, but expanded across the globe,” says Kingsmill, who has a background in surf wear and sunglasses marketing, and small businesses ownership. When Kingsmill and his partners Brett Merriman and accountant Tony Woodward bought Mambo, investors and banks were queuing up to put money into the business, but the GFC struck soon afterwards and they were left without access to funds. As a manufacturer, Mambo would take orders from distributors and would then arrange for factories in China to produce the products. The factories wanted cash up front, but Mambo’s distributors didn’t pay it until months after the product was delivered and selling on shelves. 6 HANGING 10: INTERVIEW WITH ANGUS KINGSMILL, CEO OF MAMBO The company was in a bind: it had a business model that was hungry for cash flow, but no access to funding. So the partners did a quick review and found the business model was unsustainable and its growth options were limited because of its distribution model. “We asked ourselves: ‘What are our core strengths in this building?’ “Mambo is a brand and it’s always been about the unique art and the irreverence in the marketing,” says Kingsmill. “We didn’t actually have a fantastic pedigree in manufacturing or logistics. “So we made a decision to focus on what we do best. That is to ensure we get the best artists in the country and the world and place some great art on clothing and let other specialists do the production.” The result was that Mambo stopped manufacturing its own products and moved to a licensing model, where it takes a double digit percentage of total sales in exchange for the use of its brands and designs.

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