Lovehoney eyes international growth as it plans Coco De Mer store expansion

Lovehoney co-founder Neal Slateford said he is mulling an international move for the iconic erotic Covent Garden boutique after a marked improvement in its UK performance since the etailer acquired it last November.

He said: “It’s a well-known brand so there’s a real opportunity worldwide. We’ve had approaches from Russia and Las Vegas. We’ll open a handful of cool shops in different locations to keep it special.”

Since the sex toy specialist acquired Coco De Mer - which was set up by Body Shop founder Anita Roddick’s daughter Sam Roddick - store sales have jumped 20% and online revenue has soared 230% year-on-year.

Lovehoney is also set to launch a French website before the end of the year, with a German site to follow. The retailer already has a burgeoning international presence after it launched a US site last year.  Overseas sales accounts for 5% to 10% of overall revenue.

Slateford added that the etailer had enjoyed a sales boost following a Channel 4 fly-on-the-wall documentary about its business aired in May.

He added said that the etailer, like rival Ann Summers, has benefited from the phenomenal success of erotic novel Fifty Shades of Grey. Sales in July alone jumped 65% year-on-year.

In July alone revenue had jumped 65% year-on-year, with sales of Jiggle Balls, which is widely referred to in the book, soaring 1400% to become its most popular product.

Slateford said: “It’s given a lot of people permission to start shopping in this market.”