PLBY Group sells Lovers business for $13.5 million
PLBY Group, Inc. announced on Thursday its Playboy
At the closing of the sale, Playboy Enterprises will sell 100% of the equity of its subsidiary, TLA Acquisition Corp., which holds the Lovers business. The sale of Lovers is expected to close in the fourth quarter of 2023, following the satisfaction of customary closing conditions.
Lovers is an online and brick-and-mortar sexual wellness retailer, with 40 stores in five U.S. states.
Its sale represents the latest step by the company towards a “more capital-light business model” that is focused on the firm’s Playboy brand, and Australian brand Honey Birdette.
In April, PLBY Group announced the sale of Yandy, a retailer of lingerie and costumes, for $3 million. At the time of sale, the Los Angeles-based company said the deal is part of a new strategy to streamline operations and focus on its most valuable brands, Playboy and Honey Birdette.
