PLBY Group, the company behind the Playboy and Honey Birdette brands, has agreed to sell its sexual wellness business Lovers for about $13.5 million as part of a strategic review.
PLBY Group entered a definitive agreement to divest its Lovers business to LV Holding, with the transaction expected to close in the fourth quarter.
After the closing of the sale, Playboy Enterprises will sell all the equity of its subsidiary
TLA Acquisition Corp, holder of the Lovers business.
Lovers is an online and brick-and-mortar sexual wellness retailer with 40 stores in five US states.
Last April, PLBY Group sold its subsidiary Yandy Enterprises for $3 million, in line with the company’s plan to transition to a capital-light model and focus on its valuable brands namely Playboy and Honey Birdette.
A month later, the company said it hired bankers to explore strategic alternatives for both Lovers and Honey Birdette.