WOW Tech Group and Lovehoney Merge, Forecast $400m in 2021 Revenue
Lovehoney Group claims title of “world’s largest sexual wellness company” after two international companies combine.
Two well-known names in sex tech, WOW Tech Group and Lovehoney, have joined forces and merged into the Lovehoney Group. Previously headquartered in Germany and the United Kingdom respectively, the new company will operate across Europe, Asia, Australia, and North America, in 10 offices.
The Lovehoney Group predicts revenue of at least $400 million in 2021, with CEO Johannes Plettenberg at the helm. The Wall Street Journal reported the merger deal as valued at $1.2 billion
According to a press release, Lovehoney Group also cited a 26% increase in sales between 2019 and 2020 due to higher demand for adult products during COVID-19 lockdowns.
The future also looks promising for the global sexual well being market. A market analyis report from Grand View Research states it is projected to grow at a CAGR of 8% from 2021 to 2028.
In 2020, the market was valued at $34 billion and is expected to jump to more than $52 billion by
WOW Tech Group launched in late 2018 following the merger of the German company Womanizer Group and the Canadian Standard Innovation Corporation, the creator of We-Vibe.
Standard Innovation Corporation had been previously been embroiled in a privacy lawsuit, which resulted in a $3.75 million settlement in 2017.
Founded in 2002 in the United Kingom, the online retailer, manufacturere and distributor Lovehoney received royal recognition for its overseals sales and ongoing growth in 2016 and 2021.
It acquired online retailer Amorana in 2020,
‘Pleasure air' patent
WOW Tech Group is currently embroiled in a patent suit against Lora DiCarlo over “pleasure air” patent rights. It sued Lora DiCarlo in January 2021, and has since re-asstered its claims to this type of technology in a statement given to XBIZ.
Image sources: Lovehoney Group