PLBY Group, Inc. announced that it has entered into a new, multi-year global product license agreement with Thai Nippon Rubber Industry Public Limited Company, granting TNR rights to design, produce, promote and distribute condoms and lubricating lubricants through multiple online and retail channels. PLBY Group will receive royalty payments, including minimum guarantees, on products sold pursuant to the agreement. The new license agreement was entered into by PLBY Group and TNR concurrently with a settlement agreement pursuant to which the companies resolved a lawsuit between them in the U.S. District Court for the Central District of California.

The lawsuit related to a prior license agreement pursuant to which TNR had manufactured and sold condoms under the Playboy brand. PLBY Group expects the dismissal of the lawsuit with prejudice to be entered by the court as soon as reasonably practicable. No party to the lawsuit admitted any liability or wrong doing in connection with the settlement agreement.