The following is a summary of the PLBY Group, Inc. (PLBY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• PLBY Group reported a substantial year-over-year contraction in the EBITDA loss, driven by business transformation and cost cutbacks.

• Near breakeven profitability is expected in the second quarter owing to the recovery of licensing revenues.

• Honey Birdette is demonstrating strong performance with plans to gradually increase prices by 10%, leading to a rise in the average selling price (ASP).

• The Group is noting a shift towards eCommerce, contributing to a larger percentage of sales, with plans to shut down certain underperforming physical outlets in Australia.

Business Progress:

• PLBY Group has announced new licensing joint venture agreements in China, set to contribute revenue from the next quarter onwards.

• These agreements feature enhanced accountability measures and prohibit sub-licensing of the brand without explicit consent from the group.

• To drive business investment, the new deals incentivize partners and are designed with shorter tenures, allowing for increased minimum guarantees (MGs) over time.

• The company has successfully assembled a top-tier team with proven expertise in content and creator experiences, marking a shift in marketing strategy.

• There are plans to revive the Playmate franchise, collaborating with creators for better engagement.

More details: PLBY Group IR

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