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February 27, 2007
Online Erotica Shop Files For IPO In France
If broadband is a boon to selling shoes online and music downloads, it can also be one for sex toys and soft core porn goes the IPO argument of France's Dreamnex.
Founded in 1999 and funded by private investors, Dreamnex operates the SexyAvenue.com ecommerce site for adult content (subscription-based) and gadgets. It has filed for an IPO in France, according to Reuters.
The company, which has been called the "Amazon.com of pleasure" by French tech journos, is profitable since 2001 and acquired two smaller rivals in 2004.
No details yet on how much is expected to be raised or the final date for the floatation.
According to the firm's website it is doing about €31M in sales with a net income of about €3.5M.
A Reuters report said that the startup's 172-page IPO application made the pitch to regulators with statements about the market's potential, seeking to "demonstrate that despite its image as a nation of lovers, France has a lot of catching up to do when it comes to pleasure-boosting gadgets", pointing out that "only 20 percent of French women own a vibrator compared with almost 50 percent in the United States".
Its CEO Patrice Maca told regulators that a "change in mentalities, the acceptance of sex toys and the arrival of broadband Internet have boosted our growth".
Read - French sex website seeks to charm investors | Reuters.it
View Dreamnex site
Posted on February 27, 2007 05:15 PM | Posted to News And Updates | Permalink
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