Jacqueline Gold, the business magnate of Ann Summers, passes away.

The top boss of a retail company that sells lingerie and sex toys successfully turned the brand into a profitable retail empire worth millions.

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Jacqueline Gold, who was the CEO of Ann Summers for a significant period and helped in the emancipation of sexuality for British women and the British retail industry, has passed away at the age of 62.

In 1987, Gold took over as the head of the lingerie and sex toy company and completely changed the brand, turning it into a thriving retail business worth millions of pounds. She quickly became well-known for her entrepreneurial spirit and leadership, particularly as one of the most notable female businesspeople in the UK during the 1990s. However, her family sadly announced on Friday that she passed away following a long and difficult fight against breast cancer over the course of seven years.

Back in 1981, Ann Summers welcomed aboard a new member, Gold. This was during the time when Gold's father, David Gold, had control over the company as part of his business empire. David Gold was no stranger to sports either, as he also held the position of co-chairman for West Ham United football team. Unfortunately, David Gold passed away in January.

The man's offspring took over his business, which only had four small shops on lesser-known streets, and converted it into the premiere sex products franchise in the United Kingdom with multiple locations spread throughout popular thoroughfares.

During her initial years in the business, she remembers it being a highly male-focused industry with a predominantly male workforce and customer base. As per her recollection in 2005, only roughly 10% of the clientele was comprised of women.

Gold adopted a sales strategy that involved hosting small gatherings of women at home, in a similar fashion to Tupperware parties, to promote their products. This approach was aimed at expanding their customer base and breaking away from the negative stereotypes that have plagued the industry.

"When I pitched my ideas to the board, they lacked belief in its potential," she shared. "The board consisted solely of men at the time. Amongst them, someone claimed, 'This won't be successful. Women don't even have an interest in sexuality.'"

Due to her effective method, she became one of the most renowned female executives in the nation. She supervised the company's global growth to Ireland and Spain and its internet approach before becoming the executive chair. In 2015, she received the honor of being a CBE.

According to her family, this woman was a pioneer, a forward thinker, and an extraordinary individual. She bravely fought against stage 4 breast cancer for seven long years, and displayed unwavering strength throughout her struggle with the condition.

According to the Sunday Times rich list in 2019, the Gold family, comprising Jacqueline, David, and Vanessa (who is currently the CEO of Ann Summers) have an estimated net worth of £470mn. This puts Vanessa in the category of one of the wealthiest women in the UK.

Recently, Ann Summers has faced hardships in competing with more agile digital businesses like Lovehoney. According to its latest report, Ann Summers had sales of only £93mn for the year until June 26, 2022. Meanwhile, Lovehoney had sales of £164mn for the year that ended in March 2021.

Ann Summers initiated a company voluntary agreement in December 2020 to cope with the financial struggles caused by the Covid limitations which forced the closure of their stores. The goal of this insolvency process was to reduce rents.

According to their latest filings, they currently have 81 stores located in the United Kingdom and only three in Ireland. However, this number has decreased significantly since the year 2005 when they had a total of 140 stores.