Australian lingerie label Honey Birdette has been acquired by American pleasure and lifestyle company, Playboy Group (PLBY Group) for USD$333 million in cash and stock.
The acquisition of the 15-year-old business comes as it has expanded and developed its North American and European presence over the past few years.
PLBY Group acquires Honey Birdette as it expects to deliver approximately $73 million of revenue and approximately $28 million of EBITDA for the 12 months ending June 30, 2021.
These results represent growth of over 40% and over 95%, respectively, over the prior year period.
Honey Birdette founder and MD Eloise Monaghan welcomed the deal.
"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.
"I am immensely proud of everything we’ve accomplished – with 60 thriving stores across three countries – powered by 350 fierce female ambassadors.
"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 and the whole PLBY Group team on a mission to build a lifestyle of pleasure for all," she said.
Eloise Monaghan
The acquisition of Honey Birdette will expand PLBY Group’s brand portfolio and will provide the Group with insights into Honey Birdette's product design, sourcing and direct-to-consumer capabilities that the Group will leverage to accelerate the growth of its core apparel and sexual wellness businesses.
PLBY Group CEO Ben Kohn added that the acquisition will drive growth for the Honey Birdette brand and the wider PLBY Group.
"We are extremely excited to welcome Honey Birdette to PLBY Group.
"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.
"I’ve been enormously impressed by Eloise and the rest of the Honey Birdette team and the organic, rapid growth they’ve driven.
"Our plan is two-fold: to leverage PLBY Group and the Playboy brand’s global operations to accelerate Honey Birdette’s expansion into new territories and product categories, and to take advantage of Honey Birdette’s superior product design, sourcing and direct-to-consumer capabilities to accelerate our Playboy-branded lingerie, loungewear, swimwear, and sexual wellness go-to-market plans targeting the masstige consumer.
"This acquisition is expected to further our mission to become the leading pleasure and leisure lifestyle platform and our commitment to deliver long-term value to our shareholders," he said.
Honey Birdette will continue its international expansion during this period, focusing on building its retail footprint across the US, UK and Europe.
In the US, new flagship stores will open in the coming months in Dallas, Miami and New York.
Honey Birdette will also release new loungewear, swimwear and essentials collections in the coming months.
The acquisition transaction is expected to close in the third quarter of 2021.