• by Ray Schultz , May 12, 2024

PLBY Group Inc., parent of the Playboy brand, posted revenue of $28.3 million in Q1, down 20% from $35.2 million in the same period of 2023. 

Of this decline, approximately $3.5 million was due to the playboy.com e-commerce business no longer being operated by the firm. In addition, there was a $5.5 million decline in licensing revenue stemming from the termination of two China licensees late last year. 

The net loss from continuing operations totaled $16.4 million, versus $36.3 million in Q1 2023.

Looking forward, PLBY Group is seeking a buyer for its Honey Birdette lingerie business. 

“With new momentum based on recent growth, we believe the time is right to actively seek a new partner or owner of the Honey Birdette business that can invest the capital necessary to expand the brand’s presence globally,” says Ben Kohn, chief executive officer of PLBY Group. 

Kohn adds, “A sale of all or a portion of the Honey Birdette business would allow us to focus our capital and attention on our key strategic priorities for the year: growing the Playboy brand and de-levering our balance sheet.”

New agreements with China  are highlighted by “a five-year license agreement with Guandong Duhan Industrial Co., Ltd., which is required to pay minimum royalties of approximately $37 million (based on current exchange rates) over the term, as well as any excess royalties,” Kohn says. 

Digital subscriptions and content revenue increased by 16%, to $5.5 million. Declines in legacy media were more than offset by an increase in creator platform revenue, the firm says. 

Licensing revenue fell by 58% to $5.6 million, again because of the China shift. An increase in creator platform revenue more than offset declines in legacy media.