WOW Tech merges with Lovehoney
The Berlin-based sex toy specialist joins forces with the British adult retailer to form a multimillion group. WOW CEO Johannes Plettenberg remains on board.
The British adult retailer Lovehoney is merging with the Berlin-based sex toy manufacturer WOW Tech. The companies announced this in a joint statement on Thursday. The new company, which according to the announcement is valued at one billion euros, will be called Lovehoney Group. The previous WOW Tech CEO Johannes Plettenberg will lead the joint venture.
Plettenberg built up WOW Tech in 2017 and 2018, when he first took over the Womanizer brand together with several investors and merged it with the Canadian company We-Vibe. Lovejoy has been around since 2002 and the e-commerce company recently swallowed up its Swiss competitor Amorana. Telemos Capital, previously the majority owner of Lovehoney, will also hold the majority of shares in the newly formed group.
The Lovehoney Group plans to turn over 400 million US dollars this year and be profitable right from the start.
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