A mystery man tried to buy Playboy’s high-end lingerie business. It turned out to all be a scam.
Playboy’s Honey Birdette drew a mystery buyer in 2025, but prosecutors say the deal was a scam that funded luxury spending.
Intelligence analysis by GPT-5.4 Mini
In early 2025, Playboy got an out-of-the-blue call from a buyer claiming millions for Honey Birdette, the lingerie brand it bought in 2021. Prosecutors now say the man, Kevin Juin, used the money he raised on watches, jewelry, club memberships and OnlyFans subscriptions.
A company got a phone call from a man who said he wanted to buy part of its fancy underwear business. That sounded normal at first, like someone offering to help build a treehouse.
But prosecutors say the money he collected for the deal did not go to the business. They say it was spent on expensive watches, jewelry, club memberships, and subscriptions.
The lesson is that some people can use a serious-looking business deal as a mask for a trick. It is like pretending to buy a lemonade stand, then using the money to buy toys instead.
Analysis
What happened
MarketWatch reports that Playboy received a call in early 2025 from a mysterious buyer who said he had arranged millions of dollars to buy a large stake in Honey Birdette, the high-end Australian lingerie business Playboy owns. The timing made sense on the surface, because Playboy had been looking for a partner to invest in the brand after buying it in 2021 for $333 million in cash and stock.
Why the deal drew scrutiny
According to the article, Playboy quickly sensed something was off about the approach. The story says prosecutors now allege the man behind the pitch was Kevin Juin, and that money he raised to pursue the Honey Birdette deal was instead spent on luxury watches, jewelry, private-club memberships and OnlyFans subscriptions.
That turns the episode from a routine financing pitch into a financial-crime case. The key issue is not only whether the buyer was real, but whether investor funds were represented as business capital while being diverted for personal use.
Why this matters for finance readers
The story sits at the intersection of private-company transactions, investor due diligence and fraud risk. Honey Birdette is not just a brand; it is a sizeable asset Playboy paid up for, so any attempt to buy into it would naturally attract attention from investors and executives. When a supposed strategic partner turns into an alleged scam, it underscores how easily deal flow can be used as cover for misuse of funds.
Key points
- Playboy got an unsolicited call from a buyer claiming millions for Honey Birdette.
- Honey Birdette is the Australian lingerie business Playboy bought in 2021 for $333 million.
- Prosecutors say the buyer, Kevin Juin, used raised funds for personal luxury spending.
- Playboy reportedly sensed something was off early in the process.
- The case highlights fraud risk in private dealmaking and investor due diligence.
