By Colin Kellaher
PLBY Group said it has decided to keep its Honey Birdette business, citing meaningful improvement at the lingerie business and a bolstered balance sheet after last year's long-term license agreement with Byborg Enterprises.
PLBY, which bought Honey Birdette for $333 million in 2021 and last year said it planned to shed the Australian lingerie brand, on Thursday said it expects improved operational metrics and future growth prospects to significantly increase the value of the business.
The Los Angeles-based owner of the Playboy brand said its transition to an asset-light model is well underway, adding that it expects to generate revenue of about $120 million in 2025 and to be cash-flow positive for the year.
PLBY shares were recently up 6.1% to $1.73 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 16, 2025 08:26 ET (13:26 GMT)
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