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designs, manufactures and markets a portfolio of consumer lifestyle brands through the Company’s websites, online mass merchants, and specialty retail stores worldwide.
−Removed: Brands include:
−Removed: Liberator ® , a brand category of iconic products for enhancing sensuality and intimacy;
+Added: Brands include Liberator ® , a brand category of iconic products for enhancing sensuality and intimacy;
Avana ® , Top-of-Bed Comfort products and inclined bed therapy products, assistive in relieving medical conditions associated with acid reflux, surgery recovery, and chronic pain;
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Headquartered in Atlanta, Georgia, the Company occupies a 140,000-square-foot vertically integrated manufacturing facility.
−Removed: The Company’s e-commerce websites include:
−Removed: liberator.com, jaxxbeanbags.com, and avanacomfort.com.
+Added: The Company’s e-commerce websites include liberator.com, jaxxbeanbags.com, and avanacomfort.com.
Unless the context requires otherwise, all references in this report to the “Company,” “Luvu Brands,” “we,” “our,” and “us” refers to Luvu Brands, Inc.
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In addition to our in-house sewing capabilities, we outsource the sewing of certain high-volume products to a contract sewing facility in Mexico.
−Removed: We source raw materials from multiple domestic and foreign suppliers and we have supply contracts in place to produce our specialty fabrics under specific quality control and performance standards with just-in-time deliveries.
−Removed: We also repurpose over 4,000 pounds of polyurethane foam trim each day, primarily for Jaxx bean bags, which gives us a cost and quality competitive advantage.
−Removed: In July 2022 and in July 2023, we acquired and installed two new automated sewing conveyor systems for increased capacity and flexibility.
−Removed: This resulted in increased throughput and lower production costs in these operations, which have been partially offset by increased raw material costs and wages.
+Added: We source raw materials from multiple domestic and foreign suppliers and have supply contracts to produce our specialty fabrics under specific quality control and performance standards with just-in-time deliveries.
+Added: We also repurpose over 4,000 pounds of polyurethane foam trim daily, primarily for Jaxx bean bags, giving us a cost and quality competitive advantage.
All business activity of the Company is done through our wholly-owned subsidiary, OneUp Innovations, Inc.
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Business Strategy
−Removed: Our goals are to achieve long-term growth and profitability by expanding our distribution channels and customer base for Liberator, Jaxx and Avana.
−Removed: We create ongoing collections of innovative products that have both good design and price to value that ship flat-packed and vacuum compressed.
+Added: We aim to achieve long-term growth and profitability by expanding our distribution channels and customer base for Liberator, Jaxx, and Avana.
+Added: We create ongoing collections of innovative products with good design and price-to-value that ship flat-packed and vacuum-compressed.
By running our own websites and aligning ourselves with both mass market and specialty retailers, we leave less room for importers and copy-cats to compete.
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Liberator Products
−Removed: We developed a patented brand category which we call “ Liberator Bedroom Adventure Gear ” ® .
+Added: We developed a patented brand category called “ Liberator Bedroom Adventure Gear ” ® .
The products in this collection are designed to elevate, create motion, and create surfaces and textures that expand the sexual repertoire and make the act of love more exciting.
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Each of the product profiles of the Liberator Shapes is unique, designed to introduce positions to the sexual experience that were previously difficult to achieve or impossible to achieve with standard pillows or cushions.
−Removed: Liberator Shapes are manufactured from structured polyurethane foam, cut at various angles, platforms and profiles.
+Added: Liberator Shapes are manufactured from structured polyurethane foam and cut at various angles, platforms, and profiles.
The foam base is encased in a tight, fluid-resistant polyester shell, helping the cushions to maintain their shape.
−Removed: Liberator Shapes that are designed to be used in tandem are covered in a proprietary microfiber cover that allow the “Shapes” to adhere to each-other without slipping loose.
+Added: Liberator Shapes that are designed to be used in tandem are covered in a proprietary microfiber cover that allows the “Shapes” to adhere to each other without slipping loose.
This allows for positioning freedom.
−Removed: We have also developed vacuum compressed large profile designs that are commonly referred to as “Love Loungers or Tantric / Yoga Chaises”.
+Added: We have also developed vacuum-compressed large profile designs commonly called “Love Loungers or Tantric / Yoga Chaises”.
Most of the sex furniture pieces are made from contoured polyurethane foam and covered in a variety of fabrics and colors.
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We conduct our wholesale business for Liberator sexual wellness products through four primary channels:
−Removed: (1) adult and female friendly retailers and specialty boutiques, (2) e-tailers who sell our products through adult, mass market, drug and other sites offering sexual wellness products, and (3) wholesale distributors of adult / sexual wellness products.
−Removed: These wholesale accounts have approximately 1,000 retail locations and/or websites in the United States and Canada.
+Added: (1) adult and female-friendly retailers and specialty boutiques, (2) e-tailers who sell our products through adult, mass market, drug, and other sites offering sexual wellness products, (3) mail order catalogers, and (4) wholesale distributors of adult / sexual wellness products.
+Added: These wholesale accounts have approximately 1,000 retail locations and websites in the United States and Canada.
We have a growing number of retailers who have added a dedicated Liberator exhibition concept to their merchandising space.
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The Jaxx product line and accessory products are sold through the following wholesale channels:
−Removed: (1) modern furniture e-tailers, (2) mass marketers, (3) interior designers, (4) schools and daycare centers, and (5) retail furniture stores.
+Added: (1) modern furniture e-tailers, (2) mass marketers, (3) mail order catalogers, (4) interior designers, (5) schools and daycare centers, and (6) retail furniture stores.
We also offer Jaxx private label and custom designs for large regional and national furniture chains.
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These products include a diverse offering of top-of-bed support cushions and props, many of which are assistive in relieving medical conditions associated with acid reflux, surgery recovery, and chronic pain.
−Removed: The Avana product line is sold through e-merchants (including Amazon.com, Walmart.com, medical product distributors and specialty e-tailers) and through our website under the URL www.AvanaComfort.com .
+Added: The Avana product line is sold through e-merchants (including Amazon.com, Walmart.com, medical product distributors and specialty e-tailers), mail order catalogers and through our website under the URL www.AvanaComfort.com .
We believe that our Avana products compete effectively on the basis of good design, through offering a wide-range of designer colors and fabrics and supported by thousands of 5-star product reviews.
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Sources and Availability of Raw Materials
−Removed: We obtain all of the raw materials and component parts used to produce our products from outside sources.
+Added: We obtain all of the raw materials and component parts used to produce our products from outside sources without long term supply contracts.
A number of components, including certain fabrics and polyurethane foam are sourced from suppliers who currently serve as our sole or primary source of supply.
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Major Customers
−Removed: Sales to (and through) Amazon accounted for 36% of our net sales during the year ended June 30, 2023 and 31% of our sales for the year ended June 30, 2022.
+Added: Sales to (and through) Amazon accounted for 36% of our net sales during the year ended June 30, 2024 and 36% of our net sales for the year ended June 30, 2023.
The loss of, or a significant adverse change in our relationship with, any of our largest customers could have a material adverse effect on our business, prospects, results of operations, financial condition or cash flows.
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The sexual wellness, bean bag and comfort products are highly fragmented and competition for the sale of such products comes from many types of e-tailers and retailers across diverse channels.
−Removed: For Liberator products, we believe that our primary competitive advantage is consumer recognition of our iconic brand.
−Removed: Due to the strength of our brand, we have limited direct competition for the majority of our Liberator branded products.
+Added: For Liberator products, our primary competitive advantage is consumer recognition of our iconic brand.
+Added: Due to the strength of our brand, we have some direct competition for the majority of our Liberator branded products.
In fact, many e-commerce websites refer to Liberator as a product category and not as a generic sex furniture listing.
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Human capital management is critical to our ongoing business success, which requires investing in our people.
−Removed: Our aim is to create a highly engaged and motivated workforce where employees are inspired by leadership, engaged in purpose-driven, meaningful work and have opportunities for growth and development.
−Removed: We are committed to creating and maintaining a work environment in which employees are treated with respect and dignity.
+Added: Our aim is to create a highly engaged and motivated workforce where employees are inspired by leadership, involved in purpose-driven, meaningful work, and have opportunities for growth and development.
+Added: We are committed to creating and maintaining a work environment where employees are treated with respect and dignity.
We value our diverse employees and provide career and professional development opportunities that foster the success of our company.
An effective approach to human capital management requires that we invest in talent, development, culture, and employee engagement.
−Removed: We aim to create an environment where our employees are encouraged to make positive contributions and fulfill their potential.
+Added: We aim to create an environment where our employees are encouraged to contribute positively and fulfill their potential.
We emphasize our core values of innovation, encouragement, motivation, and curiosity with our employees to instill our culture and create an environment of growth and positivity.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.