Crown Brands Group, a newly formed brand management firm, in partnership with Rafar Group, the parent company of Gelmart International, has acquired intimate apparel brand Hanky Panky.
Under the agreement, Rafar will act as the operating partner, overseeing product design and development, e-commerce operations and distribution, while Crown will lead brand strategy, and global licensing. The two companies will collaborate on marketing strategy and execution.
The acquisition establishes Hanky Panky as the anchor asset in Crown’s planned portfolio of heritage consumer brands. Crown is backed by G72 Holdings, the family office of Raymond Gindi, whose family co-founded US off-price retailer Century 21 Stores, and was created to acquire and scale heritage brands.
“Hanky Panky is the definitive example of the type of brand we are building our platform around—one with authentic heritage, category leadership, and incredible customer loyalty,” said Raymond Dayan, CEO of Crown Brands Group.
“As our inaugural acquisition, this deal sets the standard for our portfolio strategy. By combining Crown’s retail relationships and brand management focus with Rafar’s operational excellence, we are positioned to unlock significant growth for Hanky Panky while honoring the quality that millions of women trust.”
Founded nearly five decades ago, Hanky Panky has built a global following, with one Signature Lace Thong sold every 10 seconds worldwide. The brand is currently distributed through more than 2,500 boutiques, department stores and e-commerce platforms. Hanky Panky co-founders Gale Epstein and Lida Orzeck will remain actively involved in the business and will join the brand’s board of directors.
“We built Hanky Panky on a foundation of comfort, quality, and female empowerment, and it was vital to find partners who respect that DNA,” said Epstein and Orzeck. “We trust Crown Brands Group and Rafar Group to steward this legacy. Their combined vision gives us great confidence that Hanky Panky will continue to thrive and innovate in this exciting next chapter.”
