Business
PLBY Group Enters into New Playboy Shop Licensing Agreement
New E-Commerce Partnership Includes $7.5 Million in Guaranteed Payments, and Expands Creator and Influencer Marketing Capabilities for Social Commerce
About this update from Playboy, Inc.
[{"type":"text","content":"New E-Commerce Partnership Includes $7.5 Million in Guaranteed Payments, and Expands Creator and Influencer Marketing Capabilities for Social Commerce Experiences\nLOS ANGELES, Aug. 07, 2024 (GLOBE NEWSWIRE) -- PLBY Group, Inc. (NASDAQ: PLBY) (“PLBY Group” or the “Company”), a leading pleasure and leisure lifestyle company and owner of Playboy, announced that it has entered into a 7-year licensing agreement with Sunny Cusco, an innovative company rooted in authentic fashion and merchandising, for the exclusive rights to develop and sell apparel and certain other licensed products on the shop.playboy.com website. Pursuant to the agreement, Sunny Cusco is required to make an upfront payment of $1.25 million on signature, as well as an additional $6.3 million in minimum guarantees and excess royalties to be paid above the minimums. Through this new partnership, Playboy will expand its social media and commerce strategy working hand in hand with creators and influencers to activate unique opportunities with products and collections featuring the iconic Playboy brand. As Playboy’s creator and influencer partners share content and product discovery with their fans, Playboy will be able to reach and monetize new audiences across the rapidly growing social commerce segment. “Our creator community is an essential part of our business, and we are excited to have found a likeminded partner in Sunny Cusco,” said Ben Kohn, Chief Executive Officer of PLBY Group. “Sunny shares our vision to expand the Playboy Shop beyond its web presence, leveraging prominent social commerce platforms such as TikTok Shop and Instagram Shop to reach new consumers in a more interactive and entertaining way. By offering this capability to our Playboy Club creator community, we will become a more comprehensive partner to creators in expanding and diversifying their revenues in seamless ways that other creator platforms currently do not.” A fully redesigned shop.playboy.com website is expected to launch in October showcasing new and elevated products. About PLBY Group, Inc.PLBY Group, Inc. is a global pleasure and leisure company connecting consumers with products, content, and experiences that help them lead more fulfilling lives. PLBY Group’s flagship consumer brand, Playboy, is one of the most recognizable brands in the world, driving billions of dollars in glob...