Over the past two years, due to external factors caused by the Covid-19 pandemic, people are spending increasing time at home. As more companies have implemented work-from-home policies and social institutions are slow to open up backup, this increased amount of home time is inspiring people to re-evaluate their private space; Homeowners evaluate the size of their homes as well as how they feel. Simply put, as more people around the world are spending more time at home, they want to make sure that their homes make them comfortable and excited. So far, some studies show that individuals who associate positive emotions with the aesthetic design of their home find greater happiness and long-term success.
Additionally, while consumer behavior in the pre-pandemic period favored e-commerce transactions over those in brick-and-mortar establishments, the pandemic has only accelerated these current trends. Given Amazon’s continued growth as well as every major retailer’s investment in e-commerce sites, from Target to Walmart, consumers expect to be able to purchase anything and everything online, from the comfort of their homes. This is true for consumers all over the world from New York City to London to Dubai. Any outdated reservations about purchasing goods and services online have been reduced to a minimum as many consumers, especially younger consumers, prefer to shop online.
Lusso Stone is a leading lifestyle brand that provides luxury bathrooms, furniture, homeware, fixtures and fittings, as well as customized service to residential homes and five star hotels worldwide. Wayne Spriggs, founder and CEO of the company started in North East England in 2014 and quickly developed the company into the giant luxury lifestyle it is today. Drawing on his knowledge of home design and the importance of quality fixtures from his time as a luxury property developer, Spriggs understands the psychological and real estate value of a home with the right interior pieces.
Like a true entrepreneur, Spriggs is not afraid to take risks. Spriggs started in business with a strong belief in the demand for customized bathroom products. Deeply believing in this vision, he actually purchased his first 38 pigeons with an overdraft of £10,000 from the bank. Since then, Spriggs has grown its business from £51,000 of annual sales in its first year to £32m of annual revenue in 2021. Now, Lusso Stone is making £1m a week in sales on average. Emphasizing high-quality materials, original design and world-class service, Lusso Stone is the brand of choice for consumers in the UK and abroad.
Despite big bids from big private equity firms with valuations of over £150m, Spriggs still owns 100 per cent of the business. Realizing that Lusso Stone has the potential to grow to unicorn status and potentially reach $1 billion plus valuation in the next two or three years, Spriggs is taking the leap into the e-commerce game.
With the launch of its new online platform, Lusso Stone will be the first online department store in the UK to exclusively sell its branded products. This is a major move for Lusso Stone and e-commerce company in UK as there is no department store that sells their products exclusively from their website; These department stores sell non-branded products in addition to their own “inside” products. With the Lusso Stone brand already synonymous with luxury and opulence, consumers will be thankful for the increased access to the company’s high-quality homeware products and bespoke services.
As the recent recipient of Small Business Entrepreneur of the Year at the 2021 Great British Entrepreneur Awards, we are excited to see how Wayne Springs is growing at Lusso Stone over the next few years. While its business is concentrated in the United Kingdom, Lusso Stone sells its products to more than 30 countries, including the United States and Dubai. Please visit their site for more information.