Theo Fennell seeks growth abroad

CELEBRITY jeweller Theo Fennell today unveiled plans for overseas expansion, despite a collapse in profits last year from £370,000 to £106,000.

Sales for the year to 31 March were 2% ahead at £16.3m.

The group, whose celebrity clients include David and Victoria Beckham and Elton John, suffered from poor sales over Christmas, but said there had been a recovery in recent months, with first-quarter sales expected to be ahead of both last year and budget.

While investment in the brand in recent years has held back profits, 'the potential payback in the future is significant', said chairman Richard Northcott.

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Discussions are under way on shop-in-shop concessions in the US and Hong Kong and potential franchise partners in the Middle East. Fennell also plans to develop a wholesale business in Russia and is looking at China and South-East Asia.

At home, it completed the renovation of its flagship store in Fulham Road and plans to launch a Theo Fennell fragrance next spring.