Feb 1, 2021
Playboy nears deal to buy sexual wellness chain Lovers
Feb 1, 2021
Playboy Enterprises Inc is nearing a deal to acquire the parent company of sexual wellness chain Lovers as it seeks to grow its lifestyle brand following the shuttering of its eponymous magazine, people familiar with the matter said on Sunday.
The acquisition marks Playboy’s latest effort to leverage its famous rabbit silhouette logo to expand in the consumer products arena. It already capitalizes on its brand by selling everything from apparel to art.
Upon closing of the deal, which is expected in February, Playboy will become a publicly traded company again, having been taken private in 2011 in a $207 million deal led by its late founder, Hugh Hefner, and private equity firm Rizvi Traverse Management.
Lovers operates online as well as across 41 stores in five U.S. states, selling a sexual wellness and health goods including lingerie and intimacy products.
Playboy last year ceased publication of its magazine, ending a nearly seven-decade run on newsstands that began in 1953 with a debut issue featuring Marilyn Monroe.
© Thomson Reuters 2021 All rights reserved.