PLBY Group, Inc. Enters Long-Term License Agreement for Condoms
July 16, 2024 at 08:00 am EDT
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PLBY Group, Inc. announced that it has entered into a new, multi-year global product license agreement with Thai Nippon Rubber Industry Public Limited Company, granting TNR rights to design, produce, promote and distribute condoms and lubricating lubricants through multiple online and retail channels. PLBY Group will receive royalty payments, including minimum guarantees, on products sold pursuant to the agreement. 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 wrong doing in connection with the settlement agreement.
PLBY Group, Inc. is a global pleasure and leisure company. The Company operates through three segments: Direct-to-Consumer, Licensing and Digital Subscriptions and Content. Its Direct-to-Consumer segment operates through its owned-and-operated e-commerce platform, retail stores and sales of its products through third-party retailers. The Licensing segment includes trademark licenses for third-party consumer products, location-based entertainment businesses and online gaming. Its Digital Subscriptions and Content segment comprises the Playboy Club, its creator-led platform on playboy.com, and Playboyâs adult content offerings, including playboyplus.com and playboy.tv. In addition, Playboy TV is offered through multiple-system operators (MSOs) around the globe, including U.S. MSOs DIRECTV, Comcast, Dish, Charter, Cox, Altice, and Mediacom. Its offerings are focused on four areas: sexual wellness, style and apparel, digital entertainment and lifestyle and beauty and grooming.