RTTNews | Jun 29, 2021 06:49AM EDT

06:48 Tuesday, June 29, 2021 (RTTNews.com) - PLBY Group, Inc. (PLBY) on Tuesday announced its decision to buy luxury lingerie and lifestyle brand, Honey Birdette in a cash and stock transaction valued about $333 million.

PLBY Group, the owner of Playboy, believes that the acquisition of Australia-based luxury lingerie brand enables it to expand the Group's brand portfolio and consumer product infrastructure.

"Our plan is two-fold: to leverage PLBY Group and the Playboy brand's global operations to accelerate Honey Birdette's expansion into new territories and product categories, and to take advantage of Honey Birdette's superior product design, sourcing and direct-to-consumer capabilities to accelerate our Playboy-branded lingerie, loungewear, swimwear, and sexual wellness go-to-market plans targeting the masstige consumer," said Ben Kohn, Chief Executive Officer of PLBY Group.

For the twelve months ending June 30, 2021, Honey Birdette expects revenue of about $73 million and EBITDA of nearly $28 million.

The deal is expected to close in the third quarter of 2021.

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