Shawn Nelson turned his college side-hustle of selling giant bean bag chairs into a publicly traded home brand, The Lovesac Co. (NASDAQ:LOVE), by "making his own luck."
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LOVE Of The Game
Nelson, Lovesac's founder and CEO, said in a recent interview with Matt Joanu for Marketopolis by Benzinga that Lovesac has had more than one lucky break over the years—from registering the company name to obtaining its iconic Nasdaq ticker "LOVE."
But the CEO shared that luck didn't come to him, he went out and found it through hard work and networking.
"The only way you are ever going to get lucky is by being in the game," Nelson said in the interview.
Lovesac began as Nelson's unprofitable side-hustle in 1995 when he created the first oversized foam-filled “Lovesac” in his parents’ basement. The company grew and Lovesac went public, listing on the Nasdaq stock exchange in June 2018.
‘Crush It’
As CEO, Nelson must abide by Nasdaq regulations which sometimes limit his exuberant commentary on Lovesac's performance and future potential—which can be frustrating when short-sellers can spread outright false information.
"The only way to counteract that is for us to just go out and crush it," the CEO said.
Over the last five years, Lovesac has shown significant growth in revenue, profitability and operational scale, though recent years have brought modest declines after the pandemic-fueled home buying spree cooled.
Nelson sees more growth ahead and predicts Lovesac will be the “most-loved home brand in America" in five years.
"We are building a Nike, we are building an Apple, we are building a Disney, a Tesla. We are building a thing that will be here for 100 years and be known for the best stuff," Nelson said.
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