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Playboy Announces Deal To Buy 41 Lovers Stores

(Filed Under Financial and General Interest News). Playboy Enterprises, Inc., which has just emerged as a public company, “announced that it has entered into a definitive agreement to acquire TLA Acquisition Corp., the parent company of the Lovers family of stores,” which includes Peekay stores. Purchase price was “approximately $25 million of cash.”

The firm’s 41 stores, which sell sexual wellness products and sexy lingerie, are located in five states, and “Lovers is expected to contribute approximately $45 million of revenue over the next twelve months,” according to Playboy.

At the very end of 2019 Playboy acquired, a leading online retailer of sexier lingerie, which had sales that year of $43.1 million, and which reported sales of $40.239 million in the first nine months of 2020.

“The acquisition of Lovers represents yet another step in our growth as the leading platform for pleasure and leisure, and as the trusted provider for the sexual wellness consumer,” according to Ben Kohn, CEO of Playboy.

“Building upon our significant year of growth in digital commerce, we’re excited to complement our existing line of sexual wellness products with an expanded D2C product portfolio, and to enhance our distribution platform with a new digital commerce store and a strong brick-and-mortar footprint focused on the sexual wellness consumer. Brick and mortar is a critical part of our distribution strategy in Sexual Wellness as it currently represents almost 70% of the category and is key to product discovery for consumers.” ­— NM

more Financial and General Interest News >>

Published 03-01-2021 by Nick Monjo

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