Hanky Panky finds new home with Crown Brands Group

Intimates brand Hanky Panky has been snapped up in a joint acquisition by Crown Brands Group and Rafar Group, with each to collaborate on marketing strategy and execution.

Under the agreement, Crown will oversee brand strategy and global licensing while Rafar, the parent company of Gelmart International, will serve as the core operating partner, driving operational and product excellence, a press release revealed.

Hanky Panky is Crown’s first acquisition as a newly formed brand management firm, making it an anchor asset for what will become a diversified portfolio of consumer brands. The value of the transaction was not disclosed.

According to Crown, which is backed by Raymond Gindi’s G72 Holdings company, its overarching mission is to acquire and elevate heritage brands.

The US lingerie label is therefore an apt first step. Founded in 1977, Hanky Panky is now sold across 2,500 international boutiques, department stores and e-commerce outlets.

Following the takeover, its founders, Gale Epstein and Lida Orzeck, will continue to play a role in building on the foundations of the brand, joining its board of directors to ensure overall consistency.

In a statement, Crown CEO, Raymond Dayan, said Hanky Panky was a “definitive example” of the kind of brand the group is building its platform around.

“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,” Dayan added.