The parent company of Playboy will acquire Australian lingerie brand Honey Birdette, a move that expands Playboy’s (PLBY) direct-to-consumer (D2C) reach as Victoria’s Secret, formerly the dominant force in the lingerie market, continues its brand overhaul.
PLBY, which went public earlier this year through a merger with a special purpose acquisition company, stated on Tuesday, June 29, that it will pay approximately US$333 million for Honey Birdette, 71% of which will be cash.
Ben Kohn, CEO of PLBY Group, said that after the acquisition is complete in the third quarter, the company plans to leverage its global operations to bring Honey Birdette into new territories and product categories, as well as take advantage of Honey Birdette’s “superior” product design, sourcing, and D2C capabilities to accelerate the Playboy brand.
“More specifically,” Kohn told analysts and investors, “it allows us to launch Playboy lingerie, swimwear and accessories in a much quicker fashion than if we were to build it ourselves.”
PLBY Group’s stock was up almost 8% following the announcement.The move comes as Honey Birdette prepares to expand its retail footprint across the US, the UK, and Europe, opening flagship stores in Dallas, Scottsdale, Miami, and New York. Last month, Honey Birdette opened its first US store in Las Vegas.
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