The owner of the Playboy brand – PLBY Group – has teamed with Charactopia Licensing on a new joint venture which will bring the Playboy consumer products business to China.
Playboy China will focus on reinvigorating all aspects of the China-market Playboy apparel business including online and offline retail strategies, product design and assortment, plus brand marketing to its multi-generational audience.
The Shanghai-based joint venture team will look to build on Playboy’s current roster of licensees and online storefronts by adding new partners and growing through new product categories yet to be developed in China with the Playboy brand.
The joint venture will be governed by a board of directors which includes representatives from both Playboy and Charactopia. Playboy will retain majority ownership of the Playboy China joint venture, which is valued by the partners at US$250 million. The team will work closely with the Playboy apparel team in the US to ensure a unified presentation and positioning for the Playboy brand globally.
“The Playboy China joint venture continues PLBY’s evolution from a traditional licensing model to a selectively owned and operated business model to maximise the value of the Playboy brand across our businesses,” commented Ben Kohn, ceo of PLBY Group. “Through this joint venture, the Playboy business in China will benefit from a best in class operating team with Charactopia, and from the relationship with the Fung Group.”
Brian Lee, executive director of Fung Retailing, continued: “With the foundation Playboy has built in China through licensing, combined with its brand activation and product design connecting Playboy with a new generation of consumers around the world, now is the right time for an in-country operations team here in China.
“With this new structure and our experienced on the ground operating team, the Playboy business is poised for accelerated growth across product and lifestyle categories in this key market.”
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