For your safety, please read the instructions. |
Sex-Toy Makers Lovehoney, WOW Tech Merge in $1.2 Billion Deal as Lockdowns Spur Demand [bold added]
Germany’s WOW Tech Group is combining with Lovehoney, a U.K.-based online retailer, to offer a range of sex toys, lingerie, and lubricants to retailers and consumers. The companies officially announced the tie-up Thursday...A $1.2 billion merger is petty cash to many companies and would hardly rate a sentence, much less a headline, in the WSJ, but it's all about attracting clicks. They "made" me read it, didn't they?
The deal comes as homebound consumers during pandemic-induced lockdowns spurred demand for sexual wellness products. Together, WOW Tech and Lovehoney, which will be known as the Lovehoney Group, will be profitable and expect to generate sales of more than $400 million this year. That is about double the combined 2020 level, making it the world’s largest sexual wellness company measured by revenue, they say.
The merger, which values the combined group at more than €1 billion, equivalent to $1.2 billion, represents a bet that the sector’s growth can continue even as the rollout of vaccines allows more people to leave their homes and socialize in groups.
So it's called "sexual wellness" now. What's the SIC Code?
No comments:
Post a Comment