In a bold move to tap into the growing consumer market in Asia, the U.S.-based Playboy Group, known for its iconic adult magazine, is stepping up its expansion efforts, particularly in China. With optimism about the region’s spending power, the company has begun shifting its focus toward Asia, aiming to transform its brand from a traditional publisher of adult content into a lifestyle and casual fashion label. This strategic shift is part of an effort to rebrand itself and appeal to a broader audience.
Last month, the Playboy Club opened its doors in Macau, marking a significant step in the company's Asian expansion. The club features luxurious interiors, private gaming areas, and panoramic views of the city. In addition to this, the group has announced plans to build a Playboy Mansion in Macau by 2012. Analysts believe that these moves could help reverse the financial losses the company has faced in recent years.
The U.S. "Huffington Post" reported that Playboy had been losing money since 2007, with a loss of $27.4 million in the third quarter of 2010. However, the rapid growth in Asia has helped turn things around. The company has seen a surge in demand for products featuring its famous Bunny mascot, such as towels, bed sheets, and handbags. In 2011, it was estimated that Asia would account for 34% of the group’s global revenue, doubling compared to two years prior. By 2012, the region was expected to generate $20 million in revenue for the company.
China remains a key target for Playboy’s expansion. Although the group had previously attempted to open a club in Shanghai in 2004, the deal fell through. Recently, however, they signed a $50 million five-year contract with a Chinese partner to establish 2,000 brand stores across the country. This marks a major commitment to the Chinese market.
As the Lunar New Year approached in 2011, the Bunny rabbit became a powerful symbol of Playboy’s ambitions in China. “This is obviously a big attraction for us; our largest and fastest-growing market,†said Scott Flanders, group president. He expressed hope that the brand would be more welcomed in Asia than in the United States. Analysts are optimistic that these efforts will eventually pay off, as the company continues to adapt and evolve in response to changing consumer preferences.
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