Honey Birdette, the luxury lingerie brand owned by Playboy, is actively searching for new store locations, particularly in London and other cities. Founder Eloise Monaghan has expressed her ambition to secure two additional stores in London within the next year, effectively doubling the brand’s presence in the city. The decision to expand comes after a successful year for the brand, with UK sales nearly doubling in 2020.
Monaghan believes that, especially after the past 18 months, customers are increasingly interested in having an in-store experience where they can connect with real people, ask questions, and fully engage with the sensory experience that Honey Birdette offers. This desire for a personal and immersive experience is driving the brand’s expansion plans.
In addition to London, Monaghan has set her sights on other potential store locations in countries like Monaco, Amsterdam, and Paris. While the lockdowns have presented challenges for many brands, the lingerie industry has proven relatively resilient, with consumers indulging in self-care purchases. However, overall sales have still been affected by the difficult market conditions.
The acquisition of Honey Birdette by PLBY Group earlier this year for $333 million (£247.5 million) was not unexpected, as the sector was predicted to rebound quickly. Recent rumors suggest that US private equity firm Carlyle may reconsider its plans to sell the Dutch lingerie chain Hunkemoller, with a potential valuation exceeding €1 billion. This valuation is said to have been influenced by the price paid for Honey Birdette. Hunkemoller operates on a much larger scale, with 850 stores worldwide compared to Honey Birdette’s 60 stores. Despite a 14% sales decline in the past year, Hunkemoller is expected to experience a swift recovery this year as its wholesale operation expands.
Overall, the outlook for the lingerie industry is positive, and Honey Birdette’s expansion plans reflect the brand’s confidence in the market’s growth potential. By strategically targeting new store locations, Honey Birdette aims to continue offering its customers the unique and captivating in-store experience they desire.
Useful links:
– Honey Birdette Official Website
– Reuters (for updates on industry news and rumors)
