PLBY Group, Inc., a prominent player in the lifestyle and entertainment industry through its Playboy Enterprises division, has successfully completed the sale of its Lovers business to LV Holding for a total transaction value of $13.5 million. This strategic decision underscores PLBY Group’s commitment to focusing on its core Playboy brand while transitioning to a more capital-efficient business model.
The sale involves the transfer of 100% equity ownership in TLA Acquisition Corp., the subsidiary that oversees the Lovers business. The transaction’s finalization is expected in the fourth quarter of 2023, subject to the satisfaction of customary closing conditions.
Lovers is a well-known sexual wellness retailer with a strong presence in the United States, operating both online and brick-and-mortar stores across five states, totaling approximately 40 stores.
This move aligns with PLBY Group’s broader strategy to streamline its operations and allocate resources to its most valuable brands, including Playboy and the Australian brand Honey Birdette. Earlier this year, the company executed the sale of Yandy, a retailer specializing in lingerie and costumes, for $3 million, marking a pivotal step in its ongoing transformation and strategic focus on core brands.