Play Boy owner PLBY Group has entered into a definitive agreement to acquire luxury lingerie and lifestyle brand Honey Birdette for 333 million euros (240 million pounds) in cash and stock.
“We are extremely excited to welcome Honey Birdette to PLBY Group,” said the group’s CEO Ben Kohn in a release. “We strongly believe in the power of brands, and are thrilled by Honey Birdette’s potential to become a multi-billion-dollar luxury lifestyle franchise.”
Kohn said the plan is now to leverage PLBY Group and the Playboy brand’s global operations to accelerate Honey Birdette’s expansion into new territories and product categories.
Honey Birdette was established in Australia in 2006 and has since expanded to North America and Europe.
The company expects around 73 million dollars of revenue for the year ending June 30, 2021, representing year-on-year growth of over 40 percent, while EBITDA is expected to grow by 95 percent to 28 million dollars.
Honey Birdette eyes new territories amid growth
Honey Birdette founder and managing director Eloise Monaghan said the acquisition marked a “momentous and proud day” for the company.
“When I founded Honey Birdette 15 years ago, my ambition was to build a brand for women, by women; a brand that would serve as a platform for confidence and sexual and body empowerment,” she said.
“I am immensely proud of everything we’ve accomplished – with 60 thriving stores across three countries – powered by 350 fierce female ambassadors.”
The transaction is expected to close in the third quarter of 2021.