Business
PLBY Group Closes Previously Announced Acquisition of Honey Birdette
Acquisition of Luxury Lingerie and Lifestyle Brand Further Accelerates Direct-to-Consumer Growth LOS ANGELES, Aug. 10, 2021 (GLOBE NEWSWIRE) -- PLBY Group,
About this update from Playboy, Inc.
[{"type":"text","content":"Acquisition of Luxury Lingerie and Lifestyle Brand Further Accelerates Direct-to-Consumer Growth\nLOS ANGELES, Aug. 10, 2021 (GLOBE NEWSWIRE) -- PLBY Group, Inc. (NASDAQ: PLBY) (“PLBY Group” or the “Company”), a leading pleasure and leisure lifestyle company and owner of Playboy, one of the most recognizable and iconic brands in the world, today announced the completion of its previously announced deal to acquire Australia-based Honey Birdette, the fast-growing, luxury lingerie and lifestyle brand. The acquisition of 100% of the equity of Honey Birdette was completed for consideration of $235 million in cash and 2.16 million shares of PLBY Group stock. Honey Birdette generated $71 million of revenue and $17.6 million of net income for the twelve months ended June 30, 2021, representing growth of over 42% and 187%, respectively, over the prior year period. Ben Kohn, Chief Executive Officer of PLBY Group, commented, “We are thrilled to officially welcome the Honey Birdette team to PLBY Group. This transaction will play a key role in the acceleration of our company’s expansion into new territories and product categories, specifically bolstering product design, sourcing and direct-to-consumer capabilities across our lingerie, loungewear, swimwear, sexual wellness and essentials collections. We see enormous organic growth prospects for both the Honey Birdette brand and the new Playboy-branded female focused lifestyle collections we will bring to market powered by Honey Birdette’s superior infrastructure.” Eloise Monaghan, Founder and Managing Director of Honey Birdette, commented, “Today is a proud day for us as we officially join forces with one of the world’s most iconic brands and the lifestyle platform it represents. PLBY Group’s commitment to sexual wellness and female empowerment is everything that Honey Birdette embraces, and this partnership will help transform the company into one of the leading global lingerie and lifestyle platforms.” About PLBY Group, Inc. PLBY Group, Inc. connects consumers around the world with products, services, and experiences to help them look good, feel good, and have fun. PLBY Group serves consumers in four major categories: Sexual Wellness, Style & Apparel, Gaming & Lifestyle, and Beauty & Grooming. PLBY Group’s flagship consumer brand, Playboy, is one of the most recognizable, iconic brands in t...