U.S. intimate apparel brand Hanky Panky has changed ownership after being acquired by Crown Brands Group, in partnership with Rafar Group, the parent company of Gelmart International. Financial terms of the deal were not disclosed.
After 48 years at the helm, founders Gale Epstein and Lida Orzeck decided to sell the business while remaining actively involved. Both will join Hanky Panky’s board, with Epstein also taking on an advisory role in design.
Under the new structure, Rafar Group will serve as lead operating partner, overseeing design, product development, e-commerce, and distribution. Crown Brands Group will focus on brand strategy and global licensing, with both partners collaborating on marketing.
Future plans include opening standalone Hanky Panky stores in the U.S. and continuing the brand’s long-running collaboration strategy. The acquisition marks the first deal for Crown Brands Group, recently founded by Raymond Dayan, Raymond Gindi, and Al Gindi.
Founded in 1952, Rafar Group has evolved from embroidery and apparel manufacturing into a multi-division group with brands including Kindly, SugarCup, and Lively. Unlike its more mass-market labels, Hanky Panky operates at the premium end, sold through retailers such as Nordstrom and Bloomingdale’s, as well as its own e-commerce platform.
