By Allison Watkinson
TLL Reporter
Crown Brands Group and Rafar Group have signed an acquisition agreement to become the new owners and operators of Hanky Panky.
“Hanky Panky is the definitive example of the type of brand we are building our platform around—one with authentic heritage, category leadership, and incredible customer loyalty,” said Raymond Dayan, CEO of Crown Brands Group. “As our inaugural acquisition, this deal sets the standard for our portfolio strategy. By combining Crown’s retail relationships and brand management focus with Rafar’s operational excellence, we are positioned to unlock significant growth for Hanky Panky while honoring the quality that millions of women trust.”
First launched in 1977 by co-founders Gale Epstein and Lida Orzeck, Hanky Panky is a lingerie and intimate apparel brand that creates sustainable, stylish and comfortable underwear and bras.
The brand currently distributes its products across more than 2,500 high-end boutiques, department stores and e-commerce platforms around the world.
As part of the acquisition agreement, the brand’s co-founders will join Hanky Panky’s Board of Directors to help maintain its signature aesthetic and high-quality products.
“We built Hanky Panky on a foundation of comfort, quality, and female empowerment, and it was vital to find partners who respect that DNA,” said Epstein and Orzeck. “We trust Crown Brands Group and Rafar Group to steward this legacy. Their combined vision gives us great confidence that Hanky Panky will continue to thrive and innovate in this exciting next chapter.”
Crown Brands will focus on growing the property through global licensing initiatives and retail strategy, while Rafar Group will serve as the brand’s core operating partner.
In this role, Rafar will leverage its extensive experience in the intimate apparel industry to oversee Hanky Panky’s product design, development, e-commerce operations and distribution.
The two Group’s will work collaboratively to develop a cohesive marketing strategy for the intimate apparel brand.
“We are honored to partner with Crown Brands Group to carry forward the legacy of a brand that has defined comfort and quality for generations,” said Rafar Group CEO, Yossi Nasser. “Rafar’s track record of building intimates brands like LIVELY demonstrates our ability to resonate with today’s consumer. We see tremendous opportunity to expand Hanky Panky’s reach and introduce the brand to new audiences while maintaining the exceptional comfort and quality the brand is known for.”
Wedbush Securities served as the financial advisor for Crown Brands Group and Rafar Group, while Morrison Cohen and Sills Cummis & Gross acted as their legal advisors.
Hanky Panky was served by Consensus as their financial advisor and Perkins Coie as their legal advisor.
Crown Brands Group is a recently-formed brand management firm that works to acquire and expand heritage consumer properties.
The firm has capital backing from G72 Holdings.
Serving as the parent company of Gelmart International, Rafar Group has over 70 years of experience working as a partner in the intimate apparel industry.
The company works with large-scale global retailers on the design, expansion and manufacturing of products for private label and exclusive brands.
Image Credit: Crown Brands Group logo.
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