PLBY Group offloads Yandy brand to focus on Playboy, Honey Birdette
PLBY Group, the owner of Playboy and Honey Birdette, announced on Wednesday the sale of Yandy, a retailer of lingerie and costumes, for $3 million.
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. The Yandy buyer was not disclosed.
PLBY Group acquired Australian lingerie brand Honey Birdette for $333 million in cash and shares in July 2021, revealing at the time it had big plans to expand the luxury undergarments label, adding it has “potential to become a multi-billion-dollar luxury lifestyle franchise."
In its most recent trading update, PLBY Group announced revenues for the full year 2022 grew 8% to $266.9 million, coinciding with net losses widening for the 12 months ending December 31.
In March, the company also announced the appointment of Marc Crossman to the dual role of chief operating officer and chief financial officer.
Copyright © 2023 FashionNetwork.com All rights reserved.