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Iconic US brand Playboy has bought out Aussie lingerie label Honey Birdette for $440 million

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The American firm behind the enduring Playboy brand has introduced a $439 million buyout of a risque Australian lingerie label.

Playboy’s guardian firm, PLBY Group, Inc. in a single day introduced it had entered right into a “definitive agreement” to amass Honey Birdette, which started in Brisbane 15 years in the past and now has 60 boutiques in three international locations.

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“The US company has signed a definitive agreement to acquire 100 per cent of the equity of Honey Birdette for a purchase price of approximately $439m ($US333m) in cash and stock,” the corporate mentioned in a press release.

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ELOISE MONAGHAN
Camera IconEloise Monaghan based Honey Birdette in Brisbane and now it has bought for greater than $430 million to the corporate behind Playboy, which was based by Hugh Heffner. Justin Lloyd Credit: News Corp Australia

The lingerie shops have been established in Brisbane in 2006 by Eloise Monaghan, who can be the artistic director.

Honey Birdette has been identified for its daring adverts and pushing the boundaries of censorship.

In 2017, the promoting watchdog banned their in-store advertising as a result of it was of a “highly sexual nature”.

After receiving a grievance, the picture was banned by the Australian Ad Standards Bureau for breaching Section 2.4 of the Code, which states “Advertising or Marketing Communications shall treat sex, sexuality and nudity with sensitivity to the relevant audience”.

Ms Monaghan mentioned she was extraordinarily proud that her Brisbane start-up enterprise had been acquired by PLYBY Group.

“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,” Ms Monaghan mentioned in a press release.

Honey Birdette lingerie label sells to Playboy in the USA for $US330m. Picture: Supplied
Camera IconHoney Birdette has 60 boutiques in three international locations. Supplied Credit: NCA NewsWire

“I am immensely proud of everything we’ve accomplished – with 60 thriving stores across three countries.

“Today is a momentous and proud day for the Honey Birdette team as we enter into partnership with one of the world’s most iconic brands and the lifestyle platform it represents. I’m thrilled to join Ben (Kohn) and the whole PLBY Group team on a mission to build a lifestyle of pleasure for all.”

PLBY Group CEO Ben Kohn mentioned in a press release that the Australian-based enterprise has considerably grown its shopper attain and operations to North America and Europe.

“The acquisition of Honey Birdette will expand PLBY Group’s brand portfolio with a new high-end franchise,” he mentioned.

Honey Birdette lingerie label sells to Playboy in the USA for $US330m. Picture: Supplied
Camera IconPLBY Group CEO Ben Kohn mentioned Honey Birdette was a powerful brand and a high-end franchise. Supplied Credit: NCA NewsWire

“We strongly believe in the power of brands and are thrilled by Honey Birdette’s potential to become a multibillion-dollar luxury lifestyle franchise.

“I’ve been enormously impressed by Eloise and the rest of the Honey Birdette team and the organic, rapid growth they’ve driven.”

He mentioned Honey Birdette anticipated roughly $97 million ($US73m) of income and roughly $37 million $ (US28m) of EBITDA (Earnings Before Depreciation, Interest, Taxes and Amortisation) for the 12 months ending June 30, 2021.

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