50 Shades of Grey
(Picture: AP)Lovehoney, the UK-based sex toy and lingerie retailer which sells products inspired by the Fifty Shades of Grey book series, is merging with a German rival to create a €1 billion online erotic empire.
The merger between online retailer Lovehoney and Germany’s WOW Tech Group comes after a strong year for the industry, with high demand for “sexual wellness” products during the pandemic.
Lovehoney Group will be led by WOW Tech’s boss Johannes Plettenberg, and the newly formed business will also include Amorana, a fast-growing Swiss retailer acquired by Lovehoney in September last year.
He said: “Combined, Lovehoney Group will provide a specialist e-commerce platform with unmatched international reach, with the creator of the most well-known and innovative brands in the industry.”
Revenues of $400 million (£288 million) are expected in 2021. The pair added that the deal brings together consumer brands such as Happy Rabbit and Womanizer.
Lovehoney was founded in Bath in 2002 and today has over 300 staff in the UK. It has worked closely with Fifty Shades of Grey author E L James to make a collection of sex toys and accessories inspired by the popular erotic novels.
Lovehoney’s founders Richard Longhurst and Neal Slateford will have minority positions in the new group whose majority investor is Telemos Capital.
