admin Pleasure and lifestyle company PLBY Group has announced that it has entered into a “definitive agreement” to sell its sexual wellness retailer Lovers for a purchase price of around 13.5 million dollars.
The subsidiary has been snapped up by LV Holding, a third-party unaffiliated with PLBY Group, with the sale expected to close in the fourth quarter of 2023, following customary closing conditions.
Lovers operates both online and via brick-and-mortar locations, with 40 stores across five US states.
The move comes as PLBY continues on in its repositioning strategy, initiated two years ago as it planned to expand its lifestyle brand to include merchandise, apparel and lingerie.
A significant factor towards this shift came as the company looked to move towards a capital light model, through which it aimed to refocus on its “most valuable brands”.
Such a move saw the group offload its lingerie brand Yandy in April this year, which sold in a three million dollar deal, after it had initially acquired the label for an undisclosed sum in 2019.
In March, the group had further announced the appointment of Marc Crossman as its new CFO and COO, tasking the exec with leading the company’s profitable growth initiatives and aiding the streamlining of its operations.
