Theo Fennell to focus on international expansion
Jeweller Theo Fennell has said that the eponymous brand will focus on international expansion, wholesale and online this financial year, after flat sales for the year ended March 31, 2011, impacted by the heavy snow at Christmas.
The company’s turnover for the period was broadly flat and fell 0.5% to £12.5m, while its gross profit fell 13% to £1.3m. However, the business has had a strong start to this financial year with like-for-like sales for the first 12 weeks 15% ahead of the same period last year.
The brand also took important steps during the last financial year including gaining £1.5m in funding, launching a new website, opening with international partners in the Ukraine, South of France, Australia, and a concession in Heathrow Terminal 3. Theo Fennell also launched Alias, a more affordable silver range, the now best-ever selling collections Bee and Spangle, and invested in one-off pieces priced from £20,000 to £200,000, which were well received and showcased at the Masterpiece exhibition, held in London from June 29 to July 1.
Speaking about the results, founder and interim managing director Theo Fennel outlined the company’s plans for growth in this financial year. He said: “We now have a strategy in place to grow the business. Our focus is on the international expansion of the brand, in the US and China in particular, on increasing our wholesale distribution, developing our online sales and continuing to create new and innovative product ranges and collections.”
Chairman Rupert Hambro added: “The company has made significant progress this year having taken some important steps, which include raising new finance, the launching of Alias and work on the new website. The business is now in a stronger position with significant future potential. The improvement in our sales gives us confidence that we are on track for profitability this year.”