PLBY Group CEO Ben Kohn told FOX Business’ “The Claman Countdown” Wednesday that modernizing the bunny-eared brand while respecting its traditional luster has been the key to continued success. The iconic Playboy brand has made a voracious comeback under new branding and its return to the public market, as PLBY Group reports record revenue growth for last year.
The earnings report recorded an 89% year-over-year increase to $147.7 million in 2020 and a 118% increase to $46.3 million in the fourth quarter alone. The brand relaunched its public listing via SPAC in February and has raised its 2021 forecast to $200 million in revenue.
“This is a brand that drives $3 billion of consumer spend in over 180 countries and we’re just getting started,” he said. “The brand has really resonated with Gen Z. Our streetwear business has grown 15 times in the last two years and they exceeded over $100 million last year.”
Kohn made the case as to why the brand is “so unique” since it has the ability to work in a variety of product categories including sexual wellness, style and apparel, beauty and grooming, and gaming and lifestyle.
“It really gives us an endless runway of growth moving forward.”
“This is a brand that’s been around for 68 years. We have such a rich archive,” he said. “I think… we’ve done an unbelievable job in really taking the core DNA, the personal freedoms this company has fought for 68 years, modernizing it for today’s audience. So we have an audience that spans generations.”
According to Kohn, PLBY is looking to broaden its reach even further with possible NFT’s and product creation surrounding marijuana legalization in the U.S. The brand currently reaches more than 50 million people through social media.
“We’re really excited about the NFT market. We think it’s going to be here for the long haul,” he said. “And we believe that our catalog, as well as our relationships with both influencers and artists, is directly relevant."