Theo Fennell sales leap, turnaround in sight
LONDON, December 20, 2009 – Luxury jeweller Theo Fennell, confident it will boost its flagging fortunes, said sales at outlets open at least a year jumped 38 percent in October and November and were up 39 percent in the first two weeks of December.
That compares with a 20 percent fall in the six months to September 30, when the group’s loss before tax widened to 1.1 million pounds ($1.8 million) from 800,000 the year before.
“Your Board…is confident that the first steps have been made to return the company to long term profitability,” a statement said.
“We have begun to implement a new strategy compatible with the design-led ethos and core jewellery business which had been very successful in the past, and which we believe will lead to a turnaround of the business in the medium term.”
The firm, whose designs have been won by celebrities such as Elton John and the Beckhams, said it was considering an equity placing in 2010 to speed its recovery.
The group said the turnaround had been driven by the return of founder Theo Fennell as creative director and the launch in September of PHI, its first new collection for two years.
Theo Fennell is known for flamboyant designs such as skull rings, diamond-studded crucifixes and solid silver Marmite lids.