Lusso, the UK’s fastest growing luxury home brand, has recently received multiple buy-side approaches in response to its soaring financial performance.
The North-East based company has achieved significant growth since it was established in 2014, however over the last two years specifically its profits have rocketed along with an increased market share in both the UK and the US.
By designing, manufacturing and directly retailing its own lines of luxury bathroom and homewares, Lusso generated £31m in sales during FY21 – a 54% increase on FY20, and more than double its total of £12.3m sales in FY19. The business forecasts a turnover of £53m for FY22, which includes a reduction due to the Covid-19 pandemic.
This ongoing success, which also recently secured Lusso’s ranking in The Sunday Times Profit Track 100 League, is largely attributed to the completion of major transatlantic projects, as well as continuous product innovation and heightened brand awareness.
Speaking on the buy-side approaches, Mike Manders, Lusso’s Managing Director, says: “Attracting investment attention is a tremendous accolade, and testament to the strength of Lusso’s team, products, and service. Although we may consider an AIM listing in the future, at present we don’t have any plans to actively pursue this route – our main priority right now is to achieve even further growth and reach an annual turnover of £100m within the next three years.”
The company’s organic growth plans include the launch of several new homeware collections, as well as the establishment of a physical presence in the US within the next two years. Lusso is also soon opening its new flagship showroom in Mayfair, London – expected by the end of Q3 this year according to its Companies House earnings report – and the brand will pursue further expansion within the B2B market. No acquisitions are planned.