Chief executive Erik Ryd is looking to sell his $500 million business, according to the Financial Times, after his children declined to take it over.

Hop Lun is one of the world’s largest wholesale intimates companies and manufactures underwear for brands including H&M, Victoria’s Secret and Marks & Spencer.

The global intimates market saw a boost during the pandemic, and after an initial dip in business during 2020, Hop Lun’s sales hit $583 million in 2021. The Swedish entrepreneur said the company has also been working with several new lingerie startups which entered the market over the past two years, and that sales are expected to climb 17 percent in 2022.

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The rise of start-ups like Skims and Parade have forced lingerie companies like Victoria’s Secret to evolve. Now, Cosabella, a decades-old lingerie company, is also rebranding to embrace a more inclusive image.