PLBY Group to sell its Lovers business to LV Holding for $13.5M

PLBY Group announced that its wholly-owned subsidiary, Playboy Enterprises, has entered into a definitive agreement to sell its Lovers business to LV Holding, a third party unaffiliated with PLBY Group, for a purchase price of approximately $13.5 million, subject to certain adjustments set forth in the definitive agreement. The sale of Lovers, an online and brick-and-mortar sexual wellness retailer, with 40 stores in five states, is expected to close in the fourth quarter of 2023, following the satisfaction of customary closing conditions. At the closing of the sale, Playboy Enterprises, Inc. will sell 100% of the equity of its subsidiary, TLA Acquisition Corp., which holds the Lovers business. The sale of Lovers represents another successful step by the Company towards a more capital-light business model that is focused on its hero Playboy brand.