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Cooper Hefner, the 33-year-old youngest son of Playboy founder Hugh Hefner, desires to purchase his dad’s model again.
This week, he and a gaggle of traders submitted a $100 million bid to purchase it from Playboy Group, in keeping with a report within the Wall Street Journal.
The Playboy Group, whose property additionally embrace a social-media app and a lingerie producer, was valued at roughly $53 million as of Friday. In 2021, its market worth was greater than $2 billion.
Associated: 5 Unknown Facts About Hugh Hefner that Made Him a Successful Entrepreneur
“It is a terrific American firm and a terrific American model, exterior of my private connection to it,” Hefner, instructed WSJ, including that he feels it “has been managed to a state of doubtless nonexistence.”
Hefner is utilizing his personal cash and different traders embrace a hedge fund and one in every of Playboy’s former licensing companions. Hefner would run the brand new Playboy and grow to be its CEO.
This would not be the primary time behind the wheel of the bunny-eared model. Hefner served as Playboy’s chief inventive officer for 3 years, till 2019. What could be completely different this time round? Hefner instructed WSJ that he has his eye on new licensing alternatives and media like documentaries that he believes will herald vital income.
The important thing to success, he says, is trying ahead with out forgetting the model’s legacy. “You might have all the cash on this planet and it might be troublesome to construct the kind of model recognition that Playboy has,” he stated.
Associated: What Disney and Playboy Can Teach You About Branding
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