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Theo Fennell reports £1.2m annual loss Thursday, 26th July 2012
Attention to detail in the Theo Fennell workshop Photo credit: Theo Fennell
A favourite with Lady Gaga, Sir Elton John and David Beckham, Theo Fennell this week reported back on tough trading as Christmas failed to deliver a much needed lift for the jeweller.
Losses for the year to April amounted to £1.2 million for the company, who last made a profit of £1.4 million back in the year-end to March 2008. Turnover for the year to 31 March came to £12.5 million, a slight decline from last year.
Despite the stormy outlook, Theo Fennell, the jeweller’s eponymous founder, said he remained focused on turning the company around. According to the group, in-depth restructuring of its cost base has already helped reduce costs by £1 million, and the luxury jeweller is on track to continue to reduce its losses at the half year.
In the mean time, Theo Fennell will continue to expand its store portfolio, having opened on Bond Street’s Burlington Arcade earlier this month, as well as a new focus for overseas growth in Kuwait and Azerbaijan.