Playboy Enters into Multiple New China License Agreements

LOS ANGELES, April 30, 2024 (GLOBE NEWSWIRE) -- PLBY Group, Inc. (NASDAQ: PLBY) (“PLBY Group” or the “Company”), a leading pleasure and leisure lifestyle company and owner of Playboy, announced that its China joint venture (the “China JV”) has entered into several new licensing agreements with unrelated, third-parties based in China, representing a major step by the China JV to reinvigorate the Playboy brand in China. The series of new agreements is highlighted by a five-year license agreement with Guandong Duhan Industrial Co., Ltd (“Duhan”), establishing a stronger manufacturing and marketing channel for Playboy-branded men’s and women’s apparel and accessories in China. In addition, the China JV has entered into a new three-year license agreement for footwear, bags, and specialty apparel, extended its license agreement for underwear, and entered into a new event and venue license agreement that will bring sophisticated and distinctive Playboy-branded venues to Chinese consumers in major cities, including Shanghai, Beijing and Hangzhou.

“Our goal is to rebuild and grow Playboy’s China business by working with stronger partners that have deep experience with the online platforms in China and are committed to responsibly utilizing the Playboy brand,” said Ben Kohn, Chief Executive Officer of PLBY Group. “By working with higher quality partners and entering into shorter-term licenses with achievable minimum guarantees that incentivize them to invest in the brand and achieve excess sales and royalties, we are confident that we are taking solid steps in the right direction.”

Pursuant to the agreement, Duhan will license select Playboy intellectual property in China for certain men’s and women’s apparel and accessories and cannot sublicense without the express approval of the China JV. Duhan is required to pay minimal royalties of approximately $37 million (based on current exchange rates) over the five-year term, as well as any excess royalties. The new license partially replaces a terminated license agreement.

About PLBY Group, Inc.

PLBY Group, Inc. is a global pleasure and leisure company connecting consumers with products, content, and experiences that help them lead more fulfilling lives. PLBY Group’s flagship consumer brand, Playboy, is one of the most recognizable brands in the world, driving billions of dollars in global consumer spending, with products and content available in approximately 180 countries. PLBY Group’s mission—to create a culture where all people can pursue pleasure—builds upon over 70 years of creating groundbreaking media and hospitality experiences and fighting for cultural progress rooted in the core values of equality, freedom of expression and the idea that pleasure is a fundamental human right. Learn more at .

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