Bath Chronicle Reports on Lovehoney’s Success
BATH, England — Mainstream news outlet, the Bath Chronicle, reported that local-based Lovehoney has seen rapid growth in the last year.
Lovehoney reports that it has seen pre-tax profits rise by 79 percent thanks to Fifty Shades of Grey. Sales increased by 53 percent, from £28 million to £43 million, and pre-tax profits jumped from £2.1 million to £3.7 million.
Lovehoney owners Richard Longhurst and Neal Slateford say that they credit the company’s success to the popularity of its licensed collections featuring Motorhead and Fifty Shades of Grey.
The company also increased its staff from 120 to 167 employees following the launch of new websites for the French, German and Australian markets and customers paying in Euros.
Lovehoney also received a push from mainstream celebrity endorsements from MTV stars, Chloe Goodman from “Ex On The Beach” and Marnie Simpson from “Geordie Store.”
Slateford told the Bath Chronicle, "We have enjoyed another record year — growing market share and attracting a significant number of new shoppers as the switch from high street to online gathers pace.
"The continued international success of the Fifty Shades of Grey brand has helped to fuel international growth and we have made a number of structural changes to ensure the surge in sales is sustained.”
Slateford says that Lovehoney has improved its website to appeal to mobile shoppers.
"Growth has been fuelled too by the increasing acceptance of sex toys as a great way to improve sexual happiness,” he said.
"We are continuing to explore new opportunities for licensing deals due to the success of Fifty Shades and previous celebrity collaborations."