PLBY Group terminates China license with New Handong due to breach; loses anticipated 2023 revenue

Playboy, Inc.

PEII terminated the Product License Agreement with New Handong for China (excl. HK/TW/Macau) due to material breaches including non-payment of royalties.
Termination resulted in loss of material anticipated revenue for 2023 compared to prior years under the agreement.
Company will use its recently formed China joint venture to re-license product categories to other licensees; no guarantee of favorable terms.
No early termination penalties were incurred.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

Playboy, Inc. terminated Product License Agreement with New Handong Investment (Guangdong) Company Ltd. valued at Certain guaranteed, net retail and net wholesale royalties (effective 2023-10-27).

Action: termination
Agreement: license
Counterparty: New Handong Investment (Guangdong) Company Ltd.
Value: Certain guaranteed, net retail and net wholesale royalties
Effective: 2023-10-27

Exact text from the filing

On October 27, 2023, Playboy Enterprises International, Inc. (“PEII”), a wholly-owned subsidiary of PLBY Group, Inc. (the “Company”), notified New Handong Investment (Guangdong) Company Ltd. (“Licensee”) that PEII was terminating, as of such date, that certain Product License Agreement, effective as of December 6, 2019, with Licensee (as amended, modified and supplemented, the “Agreement”).

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Source: SEC EDGAR

accession 0001803914-23-000095

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