Lovehoney has recorded skyrocketing full-year sales and profits driven by its collaborations with Fifty Shades of Grey and US cult hit TV show Broad City.
The sex toy etailer posted a 76% leap in pre-tax profits year-on-year to £9m in the year to March 31 bolstered by a 31% sales jump to £76m.
The Bath-based retailer, which received the Queen’s Award for Enterprise, recorded healthy rises in its international sales, up 51% to £6.4m in Europe and 71% to £19.8m across the rest of the world driven by the US and Australia.
The online retailer’s UK sales rose 16% year-on-year to £50m.
Lovehoney attributes its enviable sales jumps to its brand partnerships, which include product range tie-ups with Fifty Shades of Grey, Comedy Central TV show Broad City and rock bands Motörhead and Mötley Crüe.
Co-founder Neal Slateford said: “Our online-only model gives us significant advantages over more traditional rivals and will allow us to keep prices and costs low in what is a tough period for all retailers.
“We feel the pleasure product category has been fully embraced by mainstream consumers in the last five years and whole new generation of couples are making adult toys a regular part of their sexual routine.
“That sea change in attitudes is reflected in our Queen’s Award and the success of branded lines.”
Slateford added that Brexit and the subsequent political fallout has not impacted Lovehoney’s sales.
No comments yet