In a decisive move to consolidate its position within the $126 billion global intimate apparel sector, the newly established Crown Brands Group has completed the acquisition of Hanky Panky. Executed in partnership with Rafar Group - the parent entity of Gelmart International - the transaction marks the first ‘anchor asset’ for Crown’s heritage-focused investment vehicle. Backed by G72 Holdings, the family office of Raymond Gindi, Co-founder, Century 21 Stores, the group intends to leverage Hanky Panky’s immense brand equity, which currently sees one ‘Signature Lace Thong’ sold every 10 seconds globally, to spearhead a diversified consumer goods portfolio.
Operational synergy and category diversification
The alliance introduces a sophisticated dual-management structure designed to scale the brand's footprint while preserving its 48-year design legacy. Rafar Group will function as the core operating partner, utilizing over seven decades of manufacturing expertise to oversee product development, distribution, and e-commerce. Meanwhile, Crown Brands will steer global licensing and brand strategy. This operational transition occurs as the lower innerwear segment is projected to grow at a 7.8 per cent CAGR through 2030, driven by a sharp consumer shift toward technical comfort and body-positive sizing. To capture this momentum, the partners plan to aggressively expand Hanky Panky’s physical presence beyond its current 2,500 wholesale points, including the launch of standalone flagship stores in major US metropolitan hubs.
Heritage preservation in an evolving market
Despite the change in ownership, the brand's foundational ‘DNA’ remains a priority. Gale Epstein and Lida Orzeck, Co-founders will transition to the Board of Directors, ensuring continuity in the brand's commitment to ‘made in the USA’ quality and sustainable lace production. This strategic retention is critical as the industry faces increasing competition from digitally native entrants and fluctuating raw material costs. Raymond Dayan, CEO, Crown Brands Group, emphasized, the deal sets a rigorous standard for future acquisitions, combining ‘operational excellence with authentic heritage’ to navigate the structural rewiring of the global luxury intimates market.
Legacy intimate apparel specialist Hanky Panky is a premium New York-based intimate apparel brand famous for inventing the ‘World’s Most Comfortable Thong.’ Distributing across 70 countries through high-end retailers like Nordstrom, the brand is now targeting a $100 million+ revenue milestone through aggressive store openings and global licensing under Crown Brands Group ownership.
