Lush paid $180MM in Canadian dollars ($143 million) to take over its North American partner after a contentious relationship and litigation.
WHO: Mark Wolverton brought Lush to North America, opening a store on Denman Street in Vancouver with two other partners in 1996. In 2003 the group entered into a joint venture agreement, which brought Lush to the US.
Lush was founded in 1995 by six co-founders: Mo Constantine, Mark Constantine, Rowena Bird, Helen Ambrosen, Liz Bennett, and Paul Greeves. The private company, based in Poole, England, is driven by innovation and its ethics.
WHY: Lush is shifting towards a "sales driven mentality" to drive future growth, with plans to revamp its retail estate and invest in new platforms and campaigns to engage customers. Taking over the North American business will add 80% to the company's revenues.
- The Financial Times reports Lush paid $180MM in Canadian dollars ($143 million) to take over its North American partner, a move which will add 80% to the company's revenues.
- Lush owned 53.1% of the US Lush business as per the 2003 agreement.
- According to the Financial Times, the business recorded a pre-tax profit of £29MM in its latest financial year, recovering from a loss of £45MM the year prior. Turnover fell from £437.8MM to £408.7MM during the period. The business raised £6.3MM for charity and donated £3.9MM to good causes during its latest financial year.
- As of June 30, 2021, Lush operated 919 stores across 48 countries. The brand has written off its business in Russia, which spanned 48 locations, while its shops in the Ukrainian cities of Lviv and Dnipro remain open.
- The company sells in almost 50 countries, and also manufactures in six countries through deals that include subsidiaries, joint ventures, licensees, and franchisees.
- The business plans to open nine new stores in the year ending June 30, 2022, four of which have already opened, alongside eight relocations, of which three have been completed. Relocations will see stores moved to encompass a larger sales area of between 800 to 1,000 square feet.