Crown Brands Group (“Crown”), a newly formed brand management firm, today announced the acquisition of Hanky Panky, the 48-year-old iconic intimate apparel brand known for pioneering the World’s Most Comfortable Thong®.
Crown has acquired Hanky Panky in partnership with Rafar Group (“Rafar”), the parent company of Gelmart International. Under the partnership, Rafar Group will serve as the core operating partner, leveraging over 70 years of experience in the intimate apparel industry to oversee product design, development, e-commerce operations and distribution. The partners will collaborate on marketing strategy and execution, allowing Crown to focus on brand strategy and global licensing while utilizing Rafar’s best-in-class capabilities to drive operational and product excellence.
This transaction marks a significant milestone as Crown’s first acquisition, establishing the anchor asset for a new diversified portfolio of iconic consumer brands. Crown is purpose-built to acquire and elevate heritage brands, leveraging deep retail expertise and capital backing from G72 Holdings, the family office of Raymond Gindi, whose family co-founded the iconic Century 21 Stores.
“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.”
Hanky Panky has maintained a devoted following for nearly five decades, with one of its Signature Lace Thongs sold every 10 seconds globally. The brand is currently distributed through over 2,500 top-tier boutiques, major department stores, and e-commerce platforms.
“We are honored to partner with Crown Brands Group to carry forward the legacy of a brand that has defined comfort and quality for generations,” said Yossi Nasser, CEO of Rafar Group. “Rafar’s track record of building intimates brands like LIVELY demonstrates our ability to resonate with today’s consumer. We see tremendous opportunity to expand Hanky Panky’s reach and introduce the brand to new audiences while maintaining the exceptional comfort and quality the brand is known for.” Hanky Panky founders Gale Epstein and Lida Orzeck will continue to play a pivotal role in shaping the brand’s future. Recognizing the importance of their creative vision, both founders will join Hanky Panky’s Board of Directors to ensure the brand’s signature aesthetic and commitment to quality remain intact.
“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 co-founders Gale Epstein and Lida 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.” Wedbush Securities served as financial advisor and Morrison Cohen, and Sills Cummis & Gross acted as legal advisors to Crown Brands Group and Rafar Group. Consensus served as financial advisor and Perkins Coie acted as legal advisor to Hanky Panky.
