Nov. 20 (Bloomberg) -- Playboy Enterprises Inc. needs to make strategic decisions to expand the men’s magazine publisher in the coming decade, according to former Chief Executive Officer Christie Hefner.

“The key is to make the moves that will make sure that the brand is bigger in 10 years than it is today,” Hefner told Bloomberg Television today when asked whether Playboy should be sold to Iconix Brand Group Inc.

Playboy has held talks with Iconix about a possible sale, two people close to the situation said this month. The shares rose to $4.78, a 52-week high, on Nov. 16 after Bloomberg reported Iconix’s interest. The Chicago-based company has been seeking a buyer since June when Scott Flanders was appointed CEO, a person close to the situation has said.

“Ideally, you want strategic partners that will leverage their expertise in the different lines of business that Playboy is in,” said Hefner, 57, who is the daughter of Playboy founder Hugh Hefner. Iconix is “very strong in the licensing space,” Hefner said in the TV interview. “They’re not a media company.”

In a subsequent interview she declined to comment on whether Playboy was for sale or whether it had spoken with New York-based Iconix. Hefner was CEO from November 1988 until January of this year.

Playboy added 13 cents, or 3.5 percent, to $3.84 at 4:03 p.m. in New York Stock Exchange composite trading. The shares have gained 78 percent this year. The company said on Nov. 16 that Chief Financial Officer Linda Havard plans to step down on Dec. 31.

To contact the reporter on this story: Greg Bensinger in New York at gbensinger1@bloomberg.net; Deirdre Bolton in New York at dbolton@bloomberg.net

Last Updated: November 20, 2009 18:54 EST