Cullen Investments-controlled lingerie company Bendon has merged with Australia's Pleasure State business.

Bendon said the merger and strategic direction of the company would be led by Bendon chief executive Justin Davis-Rice and supported by recently appointed former Myer executive chairman Bill Wavish as non-executive chairman.

"Bendon is an iconic New Zealand company with a proud heritage which has firmly established itself in Australia,'' Wavish said. "I look forward to being part of the next phase of growth,'' he said.

Cullen Investments executive chairman Eric Watson said Cullen would maintain "a significant beneficial interest'' in Bendon.

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Further details of the transaction were not immediately available.