Swedish sex toy maker abandons plans for £1bn London float

A Swedish sex toy designer has scrapped plans to go public on the London Stock Exchange.

Stockholm-based Lelo has now started looking for a buyer instead after market volatility scraped plans to go public.

Lelo has attracted takeover interest from both corporate buyers and private equity funds, Bloomberg reported.

The company, owned by Chinese buyout firm Trustar Capital, was founded in 2003 and now also has offices in California, Australia and China.

Lelo was aiming for a valuation of more than £1 billion when it went public in London.

The offer for a buyer comes after rival UK retailer Lovehoney agreed to merge with German rival WOW Tech Group to create a combined group worth around £880million.

Reckitt Benckiser, one of the industry’s leading manufacturers, said its annual earnings benefited from increased sales of its Durex condoms, KY lubricants and Veet hair removal products.

The consumer goods giant said the end of lockdown restrictions has caused global condom sales to rise by more than 10 percent.

Reckitt Benckiser complained that his sales slumped during lockdown as restrictions imposed a “tariff on the number of intimate occasions” for single people.

Lelo sells sex toys and condoms in 160 markets and aimed to achieve a rating that matches that of a major US technology company. The company is selling the gold-plated Inez vibrator for £10,000, one of the most expensive on the market.

Grand View Research has found that the global sexual wellbeing market is expected to grow to more than $62.3 billion by 2030.

Both Trojan owner Church & Dwight and Doc Johnson Enterprises are expected to benefit from the surge in sales. Swedish sex toy maker abandons plans for £1bn London float

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