The company has completed the acquisition of Cosabella, the Miami-based luxury lingerie brand, from Swiss-listed Calida Group. The transaction represents Crown’s second acquisition since its launch, following the purchase of intimates brand Hanky Panky in December 2025, as reported.

The deal closed Thursday night, and the cost of the acquisition wasn’t divulged.

In 2022, Calida Group acquired Cosabella for $80 million, outlining plans to expand both its department store and digital business, both Stateside and in Europe.

Cosabella, which was founded in 1983, blends Italian heritage with modern design and is known for its innovative, feminine and functional intimate apparel. Last year the brand had $16 million in sales.

“Cosabella is everything we look for in a brand: true Italian craftsmanship, a devoted customer, and a name that means something in every major market,” said Raymond Dayan, chief executive officer of Crown Brands Group. “Alongside Hanky Panky, Cosabella gives Crown a clear leadership position in premium intimates, and it validates the model we set out to build: acquire authentic heritage brands, pair them with best-in-class operating partners, and invest in their next chapter of growth. Intimates is our first vertical, and Cosabella strengthens our foundation there as we look ahead to new categories.”

Crown will direct global brand strategy, marketing and licensing for Cosabella, operating the brand through a licensing model anchored by best-in-class partners. Crown’s core operating partner and exclusive intimate apparel licensee, Rafar Group, the New York-based parent company of Gelmart International, will lead product design, development, e-commerce operations and distribution for the brand, drawing on more than 70 years in the intimate apparel industry and a track record of building modern intimates brands including Lively.

Rafar holds the same role for Hanky Panky, creating scale and synergy across Crown’s intimates portfolio.

Dreamwear, which makes Hanky Panky’s sleepwear and loungewear, has been licensed to manufacture Cosabella’s sleepwear and loungewear for retail distribution.

Crown and its partners look to expand Cosabella’s presence across department stores, specialty boutiques, e-commerce and international markets.

In an interview Friday, Dayan said Cosabella is “true Italian luxury. It’s known for its incredible quality and it has 40 years-plus of heritage…We were very excited to be able to acquire such a brand like this.” He said he went after the company because he thought it might make sense for Calida to sell.

Dayan believes that there’s a very similar playbook to what Crown is doing with Hanky Panky. “We think between the two brands together, it gives us leading space in the luxury intimate apparel market. I think it gives us the opportunity to pair Italian luxury with American heritage, and we want this to be an upstairs business. They both were similar because they had great direct-to-consumer businesses, and we could continue to build a department store presence,” said Dayan.

He also sees the opportunity to build its international business. Yossi Nasser, CEO of Rafar Group, added that international business accounts for 15 percent of Cosabella’s distribution, and 85 percent is in the U.S.

“They really complement each other, and are similar in different ways,” said Nasser about Hanky Panky and Cosabella. “We really see a strong offering by being able to operate and market both brands.” He said Hanky Panky is doing very well so far.

Nasser said what distinguishes Cosabella from its competitors in the market is the designs and the laces that are all curated in Italy. “We have the same lace suppliers and manufacturers which the family has done business with for over 40 years, and have constantly proven to be bestsellers in the market.

“We definitely see synergies with the lace business and Hanky Panky, and that’s what drew us to this opportunity,” added Nasser.

Dayan said they plan to expand the Cosabella name to categories that make sense. “We think that Cosabella means something in intimates, in sleep and loungewear and swimwear. That’s where we think it means the most,” he said. He doesn’t see putting out products like watches or boots. “At Crown Brands Group, we really want to focus on keeping brands true to what they are,” said Dayan.

Dayan said freestanding stores are “definitely on our radar and on the horizon for us. I think stores internationally would be a great play for us.” Right now there are no Cosabella stores.

Cosabella currently does business in countries such as France, Italy, Switzerland, Spain and the Nordic region, said Dayan.

“We love the intimate space, and we feel with Cosabella and Hanky Panky, we have two key pieces of the puzzle. We want to continue building in other verticals,” said Dayan. He said that they are very focused on apparel, footwear and accessories more broadly. “We’re very happy that we started with intimates. We love the space, and we want to build off of this. We’ve actively looking for our next deal,” said Dayan.

Specifically, Crown is actively evaluating additional acquisitions of heritage brands with global recognition, premium distribution, and expansion opportunities across apparel, lifestyle and adjacent consumer categories.

Noting that he’s acquired two sexy brands so far, Dayan was asked if they like sexy brands?

“Who doesn’t?” he said.

Lincoln International served as financial adviser and Benesch acted as legal adviser to Crown Brands Group. Covington acted as legal adviser to Calida Group.

Crown is backed by G72 Holdings, the family office of Raymond Gindi, whose family cofounded Century 21 stores.