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花花公子将中国区业务半数股权以1.22亿美元售予中国消费品牌运营商UTG 2026-02-12
Playboy said the US pleasure and entertainment giant will sell 50 percent of its China business to its local agent UTG Brands Management Group for USD122 million, shifting to a deep partnership business model from simply trademark licensing.Playboy will receive USD45 million in cash over two years, USD67 million in guaranteed minimum distribution payments over eight years, and USD10 million in brand support payments over the next three years, the Los Angeles-based firm announced on Feb. 9. The deal is expected to be completed by March 31.
Upon closing the deal, UTG will manage all operational aspects of Playboy's business activities in the Chinese mainland, Hong Kong, and Macao, Playboy said, but added it expects to receive incremental annual distributions from its remaining stake in the China business in addition to the guaranteed minimum payments.
"Partnering with UTG allows them to make a meaningful investment in the future of the brand in China, positioning Playboy for sustained, long-term growth in one of the world's most important consumer markets," said Ben Kohn, chief executive of Playboy. "In addition to the USD122 million of contracted payments, we expect that our continuing 50 percent ownership will provide meaningful upside, while materially simplifying our operating model."
Shanghai-based UTG is the sole general agent of Playboy in the Chinese mainland. It runs more than 10 international brands, including Jeep, Verri, and Pierre Cardin, with retail sales of over USD1.5 billion a year across 12 countries.
"Looking ahead, we will leverage a global perspective combined with strong local insight to reimagine and strengthen the brand's appeal, remaining true to its heritage of gentlemanly leisure while embracing the spirit of diversity and innovation that defines the modern era," said Zhang Wenming, CEO of UTG.
Playboy entered China in the 1990s, with the world-renowned fashion brand focusing on garments, footwear, bags, and suitcases by licensing its trademark to local manufacturers. But its brand image has been severely damaged because of having many diversified dealers and counterfeits in the market due to excessive licensing and frequent changes of agents.
In addition, Playboy has not advanced its product design and marketing strategy in China with the times, while Chinese rivals have been developing with the changing aesthetics of the new generation of consumers in recent years, leading to a further decline in its market share.
UTG taking over half of Playboy's China business will help integrate scattered dealers, crack down on counterfeits and infringement, and reshape its brand image in the country, an industry insider told Yicai.
Source: Yicai Global
