The team at PLBY Group Inc PLBY is focused on transforming the business model and making the company a lifestyle brand, CEO Ben Kohn said in an exclusive interview Wednesday on Benzinga's YouTube show "Power Hour."
About Playboy: PLBY Group sells products in more than 180 countries, Kohn told Benzinga.
The company's aim is to enable pleasure for consumers and to create a lifestyle through consumer products, digital experiences and gaming assets, he said, adding that the runway for PLBY Group is endless.
PLBY Group aims to transform its business model to a direct-to-consumer model in the U.S. and then expand to the rest of the world, Kohn said.
The direct-to-consumer business accounts for the bulk of PLBY Group's revenue and Kohn said he expects it to continue to grow.
Around 90% of sales were to male customers three years ago, but in the first quarter of 2021, 55% of sales were to women, the PLBY Group CEO said.
Mergers & Acquisitions: PLBY Group has a "very robust pipeline of M&A opportunities," Kohn noted.
The company is interested in acquiring companies that will allow PLBY Group to accelerate its growth plans at a faster rate, he said.
PLBY Group is focused on the sexual wellness and style and apparel parts of its business moving forward, the CEO said.
Going Digital: The company is working on rebuilding its website, Kohn told Benzinga. The PLBY Group CEO mentioned potential opportunities for improvement including expanding product categories and offerings, social and real-money gaming, blockchain and NFT's, as well as a virtual Playboy mansion.
See Also: Playboy NFTs Could Be Coming Soon
PLBY Price Action: PLBY Group has traded as high as $63.04 and as low as $11.02 after it went public in February. Since that time, it is up 254.42%.
The stock closed down 0.46% at $37.08 on Wednesday.
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