The Gold family, which owns sex toy and lingerie retailer Ann Summers, have stepped in with £5 million in funding after its losses began stacking up.
Although turnover was slightly up from £101 million to £104 million, Ann Summers reported a loss of £3.9 million for the year to July 2023 thanks to growing costs.
Vanessa Gold, who was appointed Chairman last year following the death of sister Jacqueline Gold, spearheaded a £5 million cash call, according to The Telegraph.
The loan was provided by Gold family-controlled Green Street Holdings, in August, following another year in which it failed to make a profit.
This was put down to not only rising costs on the back of the cost of living crisis but also the Gold Family’s loss of David and Jacqueline, which left Vanessa in charge.
Vanessa Gold said: “As a business, we are in a fortunate position being family-owned and we remain unquestionably committed to preserving the heritage of Ann Summers and the longevity of the brand.
“All retailers are under significant pressure with continuing high taxation and rising costs for businesses. We are focused on growth and always looking at options to bolster the brand in both the UK and internationally.”
Chairman Vanessa Gold
As the company battles to stay afloat, its Chief marketing officer Natalie Amosu left the business last week. This followed its Channel Director Joseph Wright’s departure in September.
Earlier this year, Ann Summers announced its plans to become to “House of Underwear” with the launch of its new platform, Knickerbox.com.
Knickerbox.com is an online destination for women’s underwear, which features a wide range of third-party brands. With this launch, the Ann Summers Group sets out to empower smaller brands, many of which are female-led. Despite its ambitious plans, it seems as though the site, which is still in its infancy, is yet to make the big leagues.
