In a significant move that signals a new chapter for one of the most recognizable names in intimate apparel, the newly established brand management firm Crown Brands Group has officially launched its platform with the strategic acquisition of the 48-year-old lingerie icon, Hanky Panky. This inaugural transaction is far more than a simple change of ownership; it represents the cornerstone of Crown’s ambitious strategy to assemble a diverse portfolio of beloved, high-quality consumer brands. The deal is structured as a multifaceted partnership designed to propel Hanky Panky’s global growth while meticulously preserving the heritage and quality that have earned it a fiercely loyal customer base for nearly five decades. This acquisition serves as the foundational asset for Crown, setting a precedent for its future endeavors and underscoring a sophisticated approach to brand stewardship that values legacy and operational excellence in equal measure, positioning the beloved brand for an innovative future under new, strategic leadership.
A Strategic Partnership for a New Era
The Power Players Behind the Deal
At the heart of this landmark transaction is Crown Brands Group, a purpose-built firm specifically designed to acquire and elevate heritage brands that possess strong consumer loyalty and established market leadership. The firm is powerfully backed by the substantial capital and profound industry knowledge of G72 Holdings, the family office of Raymond Gindi, whose family was instrumental in co-founding the renowned retail empire Century 21 Stores. This lineage provides Crown with a multi-generational foundation in retail expertise, positioning it to effectively manage and grow its acquired brands with a deep understanding of the consumer landscape. Raymond Dayan, the Chief Executive Officer of Crown Brands Group, articulated that Hanky Panky is the quintessential example of the type of brand their platform is built to support—one with an authentic heritage, undisputed category leadership, and deep-seated customer loyalty. He emphasized that this inaugural deal sets a high standard for their future portfolio strategy and demonstrates their commitment to nurturing iconic American brands.
A crucial and defining element of this acquisition is the strategic partnership forged between Crown Brands Group and Rafar Group, the parent company of the well-established Gelmart International. This collaboration establishes a clear and powerful division of responsibilities engineered to maximize the distinct strengths of each entity. Under this innovative arrangement, Rafar Group will function as the “core operating partner,” a role that leverages its extensive 70-year history and specialized expertise within the intricate world of the intimate apparel industry. Rafar will take the helm on all critical operational facets of the Hanky Panky brand, a scope that includes the entire lifecycle of product design and development, the comprehensive management of all e-commerce operations, and the complex logistics of global distribution. This structure ensures that the core product and its delivery to the consumer remain at a best-in-class level, handled by a team with an unparalleled track record in the sector.
A Synergy of Strengths
This meticulously crafted partnership creates a potent division of labor, enabling each organization to concentrate on its unique core competencies. With Rafar Group diligently managing the day-to-day operational machinery, Crown Brands Group is freed to focus its resources on high-level strategic initiatives that will drive long-term value and global expansion. These responsibilities include shaping the overarching brand strategy, cultivating and strengthening key relationships with major retail partners, and actively pursuing new global licensing opportunities to extend the Hanky Panky brand into new markets and product categories. The two partners will collaborate closely on the development and execution of marketing strategies, ensuring a cohesive and powerful message that resonates with both existing and new consumer demographics. This synergistic model is explicitly designed to unlock significant growth for Hanky Panky by seamlessly combining Crown’s brand management acumen with Rafar’s unparalleled operational capabilities.
The vision for this collaborative growth was powerfully articulated by Yossi Nasser, the Chief Executive Officer of Rafar Group. He highlighted his company’s proven track record in successfully building and scaling prominent intimates brands, citing the direct-to-consumer brand LIVELY, which was acquired by Wacoal International, as a prime example of their capabilities. Nasser expressed unwavering confidence in Rafar’s ability to substantially expand Hanky Panky’s market reach and strategically introduce the brand to new and younger consumer demographics. Critically, he stressed that this expansion would be executed while meticulously preserving the exceptional comfort and uncompromising quality for which the Hanky Panky brand is celebrated worldwide. This dual focus on both strategic expansion and product integrity ensures that the brand’s growth is sustainable and that its core promise to the consumer remains intact, fostering continued loyalty as it enters its next chapter of development and innovation.
Honoring a Legacy, Building the Future
The Enduring Allure of an Iconic Brand
For nearly five decades, Hanky Panky has stood as a revolutionary force within the lingerie industry, forever changing the landscape of intimate apparel with its pioneering creation: the “World’s Most Comfortable Thong®.” This single product did more than just offer a new style; it cultivated an incredibly devoted global following of consumers who valued its unique combination of comfort, style, and quality. The brand’s commercial success is quantified by the remarkable statistic that one of its Signature Lace Thongs is sold every 10 seconds somewhere in the world, a testament to its enduring appeal and market dominance. The product’s success established Hanky Panky not merely as a brand but as a cultural touchstone in the world of intimates, synonymous with a commitment to making women feel both comfortable and confident. This rich history and powerful brand identity are the foundational pillars upon which its future will be built under the new ownership structure.
The brand’s robust market presence is further cemented by its extensive and well-established distribution network, a strategic web that encompasses over 2,500 top-tier boutiques, major department stores, and a variety of prominent e-commerce platforms. This widespread availability has been instrumental in building its broad consumer base and underscores its status as a leader in the category. Recognizing the immense and irreplaceable value of the brand’s creative vision and the deep understanding of its unique DNA, the new ownership has made the pivotal decision to invite Hanky Panky’s founders, Gale Epstein and Lida Orzeck, to join the brand’s Board of Directors. This strategic move ensures a seamless and respectful transition of leadership. More importantly, it guarantees that the brand’s signature aesthetic, its unwavering commitment to superior quality, and its core values of female empowerment and comfort remain absolutely central to its future direction, strategy, and innovation pipeline.
A Shared Vision for the Next Chapter
In a joint statement that conveyed their optimism for the brand’s future, founders Gale Epstein and Lida Orzeck expressed their complete confidence in the new partnership. They reflected on building Hanky Panky from the ground up on a steadfast foundation of comfort, quality, and female empowerment, principles that have guided every decision for nearly fifty years. They articulated their profound trust in Crown Brands Group and Rafar Group to serve as dedicated stewards of this precious legacy, stating that the combined vision, expertise, and resources of the new partners give them great confidence that the brand will not only continue to thrive but will also innovate and reach new heights in its next chapter. This endorsement from the original visionaries provides a powerful vote of confidence in the strategic direction and ensures that the brand’s soul remains intact as it evolves under new leadership.
The overarching consensus reinforced by statements from all involved parties is that this transaction represents a sophisticated and forward-thinking approach to brand acquisition. It moves beyond the traditional model of a simple financial takeover, instead embodying a strategic alliance that values a brand’s heritage and operational expertise in equal, critical measure. The structure allows Hanky Panky to benefit from Crown’s extensive retail network and brand-building prowess alongside Rafar’s deep manufacturing, design, and distribution experience. This is widely seen as the ideal formula to both preserve the brand’s cherished identity and accelerate its global expansion into new territories and consumer segments. The transaction was successfully facilitated by a team of expert advisors, with Wedbush Securities and Consensus serving as financial advisors. Legal counsel was expertly provided by the firms of Morrison Cohen, Sills Cummis & Gross, and Perkins Coie, who together helped structure this landmark deal.
