Playboy Enters Long-Term License Agreement for Condoms

LOS ANGELES—PLBY Group, Inc., a pleasure and leisure lifestyle company and owner of Playboy, announced that it has entered into a new, multi-year global product license agreement with Thai Nippon Rubber Industry Public Limited Company (“TNR”), a Thailand-based, manufacturer of premium condoms and lubricants, granting TNR rights to design, produce, promote and distribute condoms and lubricating gel products using Playboy trademarks through multiple online and retail channels. PLBY Group will receive royalty payments, including minimum guarantees, on products sold pursuant to the agreement. “This multi-year, global agreement with TNR, a respected condoms manufacturer known for its cutting-edge innovation, enables high-quality, Playboy-branded products to rapidly enter markets around the globe,” said Ben Kohn, chief executive officer of PLBY Group. “This is an important commercial milestone for our licensing business, and we look forward to working with TNR to bring products to market and capture the revenue potential through strategic brand and product development combined with the overall size of the category opportunity.” The new license agreement was entered into by PLBY Group and TNR concurrently with a settlement agreement pursuant to which the companies resolved a lawsuit between them in the U.S. District Court for the Central District of California. The lawsuit related to a prior license agreement pursuant to which TNR had manufactured and sold condoms under the Playboy brand. PLBY Group expects the dismissal of the lawsuit with prejudice to be entered by the court as soon as reasonably practicable. No party to the lawsuit admitted any liability or wrongdoing in connection with the settlement agreement. Learn more at plbygroup.com.