BATH, U.K. — Mainstream news outlet, the Bath Chronicle, reported today that local-based Lovehoney has seen explosive growth in the last year.
The online sex toy retailer reported that its profits increased from £750,000 to £2.25 million, and that its turnover increased by £8 million, from £15.6 million to £23.6 million.
The company, helmed by co-founders Neal Slateford and Richard Longhurst, experienced strong website growth in the U.K. and internationally, and the two attribute its success to the launch of its exclusive range of Fifty Shades of Grey merchandise developed in tandem with author E L James.
“We have been very effective in becoming the leading online destination for sexual happiness shoppers,” Slateford told the Bath Chronicle. “They know they are going to get the product they want, at a good price, delivered quickly and discreetly. We have plans to take this offering to a large number of international markets, starting with France and Germany.
"We have captured a significant number of new customers this year with our TV advertising campaign and we have the most incredible community of loyal Lovehoney customers. Using their feedback, we continue to respond to customer demands by innovating both on our website and with our product range.”
Lovehoney recently launched its first TV advertisement campaign over the Christmas season, which the company said contributed to a 45 percent increase in sales and the busiest month in its 11-year history.