Playboy, Inc. (NASDAQ: PLBY)

Playboy, Inc. is a pleasure and leisure company that provides consumers around the world with products, content and experiences designed to help them lead happier, healthier and more fulfilling lives.

The company’s flagship brand, Playboy, is one of the most recognizable brands globally, with its licensed products and content available in approximately 180 countries.

It also owns and operates the Honey Birdette brand, which specializes in luxury lingerie sold online and through retail stores in Australia, the United States and the United Kingdom.

Guided by its mission to create a culture where all people can pursue pleasure, Playboy leverages over seven decades of media, hospitality and licensing heritage to drive its current business model.

Playboy, Inc. generates revenue primarily through two channels: brand licensing and direct-to-consumer sales.

In the licensing model, the company grants third parties the right to use the Playboy name, Rabbit Head Design and related trademarks for products such as apparel, accessories, beauty, sexual wellness, and for services in nightlife, hospitality, digital gaming and the metaverse, earning royalties based on sales.

Licensing revenue was bolstered in 2025 by a long‑term agreement with Byborg Enterprises SA, which provides minimum guaranteed payments and includes the operation of legacy digital assets such as Playboy Club, Playboy Plus and Playboy TV.

The direct-to-consumer channel sells Honey Birdette lingerie, bedroom accessories and intimacy products via its e‑commerce platform and 51 physical stores across Australia, the United States and the United Kingdom, contributing $70.9 million of revenue in 2025.

For internal reporting, the company organizes its operations into two segments, excluding any geographical breakdown.

These segments are Direct-to-Consumer, which encompasses the Honey Birdette business, and Licensing, which covers all brand‑licensing activities.

• Direct-to-Consumer: This segment consists of the Honey Birdette business, which sells luxury lingerie, bedroom accessories and intimacy products online and through its retail stores in Australia, the United States and the United Kingdom, generating $70.9 million of revenue and $0.3 million of operating income in 2025.

• Licensing: This segment involves licensing the Playboy brand, Rabbit Head Design and related trademarks to strategic partners worldwide for use in apparel, accessories, beauty, sexual wellness, nightlife, hospitality, digital gaming and the metaverse, delivering $46.4 million of revenue and $31.8 million of operating income in 2025.

Playboy, Inc. competes in the consumer goods space against large e‑commerce platforms such as Amazon and Douyin, as well as specialty lingerie and apparel brands like Victoria’s Secret, Agent Provocateur, Skims and Fleur du Mal.

In the men’s apparel market in China, it faces competition from Semir, Bosideng, Metersbonwe, Levi’s, Lacoste and Jack & Jones.

Its competitive advantages stem from the global recognition of the Playboy brand, a deep intellectual‑property library spanning more than 70 years, and established relationships with influencers, creators and licensing partners such as Creative Artists Agency and Byborg.

The company’s shift to a capital‑light licensing model has improved margins, reduced working capital requirements and positioned it to benefit from high‑growth verticals in media, experiences and hospitality.

The company serves a global consumer base that includes fans of the Playboy brand seeking apparel, accessories, beauty and wellness products.

It also serves shoppers looking for luxury lingerie and intimate goods through the Honey Birdette brand, which operates both online and in physical stores across Australia, the United States and the United Kingdom.

While specific individual customer names are not disclosed, the audience spans diverse age groups and geographies, united by an interest in lifestyle, self‑expression and pleasure.