PLBY Group sells Lovers for $13.5 million

The subsidiary has been purchased by LV Holding, an unaffiliated third party, with the sale expected to conclude in the fourth quarter of 2023, subject to customary closing conditions.

Lovers has 40 outlets across five US states and operates both online and in-store.

The decision comes as PLBY continues its repositioning strategy, which was launched two years ago with the intention of expanding its lifestyle brand to include products, apparel, and lingerie.

A big contributor to this transformation was the company's intention to transition to a capital-light model in order to center on its "most valuable brands."

In such a move, the business sold its underwear brand Yandy in April this year for three million dollars, having initially acquired the label for an undisclosed sum in 2019.

In March, the company announced the appointment of Marc Crossman as its new CFO and COO, tasked with managing the company's profitable growth objectives and assisting with operational simplification.