Authentic Brands Group expects IPO in next 12 months, founder tells CNBC

Summary

Authentic Brands Group founder Jamie Salter discusses the CEO transition to Matt Maddox, plans for an IPO within the next 12 months, and a strategic shift toward entertainment to drive commerce. The company aims to grow from $37 billion to $100 billion in retail sales over five years.

• Authentic Brands Group names Matt Maddox as CEO; founder Jamie Salter becomes executive chairman.
• Maddox, former CEO of Wynn Resorts, is seen as a strong Wall Street executive.
• Salter expects the company to go public within the next 12 months.
• The company targets growth from $37 billion to $100 billion in annual retail sales over five years.
• Entertainment currently makes up 20% of business; Salter expects it to grow to 50%.
• Focus on M&A in entertainment, including animation and kids' content.
• Content is viewed as the driver of commerce for the lifestyle side of the business.
• The company has nearly gone public twice before but was acquired by private equity.