Chicago: Playboy Enterprises, Inc. (PEI) (NYSE: PLA, PLAA) today announced that it has signed IMG Licensing Worldwide as its exclusive agent in Asia. The agreement covers licensing of the Playboy brand in most product categories.
Scott Flanders, PEI’s chief executive officer, said: “Over the past five years, licensing has become Playboy’s most profitable and fastest growing business. This agreement will further accelerate our growth, expand our consumer reach and enhance the visibility and power of the Playboy brand. With an extensive network of agents already in place across Asia, IMG will be able to more quickly identify new opportunities and potential partners and more efficiently negotiate deals. IMG is the leading licensing agent in the world, and we believe that this partnership will generate meaningful additional revenues for us over time. We are pleased to work with IMG and to join its extensive client roster.”
“The Playboy brand already enjoys global recognition and popularity,” said Bruno Maglione, IMG executive vice president and global co-managing director IMG Licensing Worldwide. “Playboy has done an impressive job of growing this business in the past few years and now ranks as one of the 50 largest licensors in the world. We believe that our network of licensees and agents combined with our 40-year experience in the Asia market will allow us to build on Playboy’s success and significantly expand its licensing business.”
While the agreement with IMG will cover a wide range of apparel, accessories and other product categories, PEI said that its pan-global and entertainment venue licenses as well as the company’s media businesses are exempt from this arrangement. In addition to developing new business prospects, IMG will oversee the financial and legal administrative processes related to Playboy’s Asian licensing agreements and will monitor compliance. The contract gives Playboy final approval on all licenses.