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Platinum Equity, the private equity firm founded by the billionaire Tom Gores, is taking a majority stake in Hong Kong-based Hop Lun, the lingerie manufacturer that makes products for brands like Victoria’s Secret, H&M and Rihanna's Fenty.

Why it matters: The company, which is valued at roughly $500 million, per the Financial Times, sits in the nexus of a $42 billion global lingerie industry as of 2020 that is projected to reach about $80 billion by 2027, according to Statista.

The intimates category has grown thanks in part to strong demand for comfortable wear and work-from-home garb during the pandemic.

New upstarts like Parade and SKIMS have also emerged, offering more inclusive sizes that cater to Gen Z and millennial consumers who prize diversity and sustainability.

By the numbers: Hop Lun’s sales dipped in 2020 to $409 million but rebounded to reach $583 million in 2021.

Financial terms of the deal weren’t disclosed. The transaction is expected to close in the third quarter.

State of play: Private equity funds are sitting on roughly $2.3 trillion in dry powder, according to law firm Wachtell, Lipton, Rosen & Katz.

Deal watchers have told Axios they are expecting a flurry of activity mostly coming from the private capital space as traditional sources become too expensive or dry up amid rising interest rates and choppy markets.

Context: Erik Ryd, who founded the company in 1992, will keep a significant stake in the company and will continue to lead the business.

He turned Hop Lun into one of the world’s largest designers and makers of intimate apparel. The company has manufacturing operations across China, Bangladesh, Ethiopia and Indonesia.

What’s next: "We are excited to work with Erik to accelerate investments in growing the company, both organically and through strategic M&A, that can expand Hop Lun's production capabilities, customer base and portfolio of owned brands," said Platinum managing director Matthew Louie in a statement.

Platinum Equity takes a controlling stake in lingerie maker Hop Lun

Deal watchers are expecting a flurry of private equity activity as traditional sources of capital dry up.

Photo: Artur Widak/NurPhoto via Getty Images

Hop Lun makes intimate apparel for Victoria’s Secret and other brands. Photo: Artur Widak/NurPhoto via Getty Images

Private equity

Platinum Equity, the private equity firm founded by the billionaire Tom Gores, is taking a majority stake in Hong Kong-based Hop Lun, the lingerie manufacturer that makes products for brands like Victoria’s Secret, H&amp;M and Rihanna&#x27;s Fenty.Why it matters: The company, which is valued at roughly $500 million, <a class="gtmContentClick" data-vars-link-text="per the Financial Times" data-vars-click-url="https://link.axios.com/click/28139390.336/aHR0cDovL2F4aW9zLmxpbmsvOHpQZD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX3JldGFpbF9zdWJzJnN0cmVhbT10b3A/6241b97a2bec4503a570c049B2841c18a" data-vars-content-id="48a06147-bdc3-471d-a6d0-bb4cc67e1f47" data-vars-headline="Platinum Equity takes a controlling stake in lingerie maker Hop Lun" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/28139390.336/aHR0cDovL2F4aW9zLmxpbmsvOHpQZD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX3JldGFpbF9zdWJzJnN0cmVhbT10b3A/6241b97a2bec4503a570c049B2841c18a" target="_self">per the Financial Times</a>, sits in the nexus of a $42 billion global lingerie industry as of 2020 that is projected to reach about $80 billion by 2027, according to Statista.

Platinum Equity takes a controlling stake in lingerie maker Hop Lun

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