PLBY Group and Charactopia announce Playboy China joint venture

PLBY Group announced that they have entered into a shareholders agreement to form "Playboy China", a joint venture that will jointly own and operate the Playboy branded consumer products business in parts of the China market, including mainland China. The Playboy China joint venture will focus on reinvigorating all aspects of the China-market Playboy apparel business, including online and offline retail strategies, product design and assortment, and brand marketing to its multi-generational audience. The Shanghai-based joint venture team will look to build on Playboy’s current roster of licensees and online storefronts by adding new partners and growing through new product categories yet to be developed in China with the Playboy brand.The joint venture will be governed by a Board of Directors that includes representatives from both Playboy and Charactopia with Playboy retaining majority ownership of the Playboy China joint venture, which is valued by the partners at US$250 million. The Playboy China joint venture team will work closely with the Playboy apparel team in the U.S. to ensure a unified presentation and positioning for the Playboy brand globally.