Hanky Panky Acquired by Crown Brands Group in Strategic Move

Hanky Panky changes ownership. The U.S. intimate apparel brand led by its two founders has been acquired by brand management company Crown Brands Group, in partnership with Rafar Group, parent company of Gelmart International. The value of the transaction has not been disclosed.

After 48 years since its inception, Gale Epstein and Lida Orzeck, creators of the brand, were looking to sell the business, although not to leave the company. As a result of the sale, both will join Hanky Panky’s board of directors, where Epstein will also develop an advisory role in design.

Rafar Group will act as the lead operating partner to oversee design, development, ecommerce operations and product distribution. The partners will collaborate on marketing strategy and execution, allowing Crown Brands Group to focus on brand strategy and global licensing.

The group has announced that future plans for Hanky Panky will include opening new stores in the U.S., as well as continuing the long list of collaborations the brand has enjoyed over the past 48 years.

Hanky Panky to open its own stores in the U.S

Hanky Panky is the first acquisition of Crown Brands Groups, which was founded a few months ago by entrepreneurs Raymond Dayan, Raymond Gindi and Al Gindi.

Rafar Group, on the other hand, was created in 1952 by the Nasser family in the United States and initially focused on embroidery and apparel for its local market. In 1960, they acquired Gelmart Industries, expanding their manufacturing capacity in the Philippines, and expanded their product portfolio into women’s intimate apparel. This year, as part of their strategic evolution, they changed from a manufacturer to a group with several business divisions.

Rafar Group currently has a portfolio of brands such as Kindly, SugarCup and Lively. While these have a more mass market distribution, Hanky Panky is sold in stores such as Nordstrom and Bloomingdale’s, and on its own ecommerce.