Ex-patriate businessman Eric Watson has merged his lingerie company Bendon with an Australian company, Pleasure State.
Mr Watson's investment vehicle Cullen group bought Bendon for $1.90 a share about 10 years ago, valuing the company at $58.7 million.
He says the combined company will be led by Bendon's chief executive Justin Davis-Rice.
He says he will maintain a significant beneficial interest in Bendon,but will focus on his northern hemisphere investments.
Locally, he still has ownership stakes in the New Zealand Warriors rugby league team, some bloodstock and Soul Bar in Auckland's Viaduct Basin.