PLBY Group - the parent company of Australian fashion label Honey Birdette - and a Thailand-based condom and lubricant manufacturer have both resolved a legal dispute by signing a multi-year global product license agreement.
Thai Nippon Rubber Industry Public Limited Company has been granted rights to design, produce, promote and distribute condoms and lubricating gel products using Playboy trademarks through multiple online and retail channels.
In return, 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,” PLBY Group CEO Ben Kohn said.
“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.
PLBY Group is the owner of Australian lingerie brand Honey Birdette, which operates around 60 boutiques globally. The overarching company is currently planning to offload the brand amid a buyer search.