Playboy owner up on joint venture with Charactopia to form Playboy China

Playboy

17/01/2023 14:11

** Shares of Playboy brands' owner PLBY Group  PLBY.O  up
~4% at $2.90 before the bell
    ** Company has entered into an agreement with Charactopia
Licensing Ltd to form "Playboy China"
    ** PLBY says it will be a joint venture where both companies
will own and operate Playboy-branded consumer products business
in parts of the China market, including mainland China
    ** Charactopia is a Fung Retailing brand management company
which represents many global brands in China
    ** PLBY adds JV will be governed by a board of directors
that includes representatives from both Playboy and Charactopia
    ** Playboy will be retaining majority ownership which is
valued by the partners at $250 million
    ** PLBY expects to complete the formation and begin
operations of the JV in Q1 2023
    ** Stock had fallen ~90% last year
 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))