Theo Fennell sales sparkle over Xmas

LONDON luxury jewellery chain Theo Fennell yesterday registered sparkling sales growth of 25 per cent for the period 1 to 24 December.

The company – which has founder Theo Fennell back on board – expects to make a marginal loss for the financial year, an improvement on the £3.3m loss recorded last year.

Like-for-like sales for the nine months to December 2009 have improved by nine per cent.

Chairman Rupert Hambro said: “We are pleased with the business turnaround achieved so far and the positive reception to Theo’s new designs by both existing and new customers.”

The jeweller hopes to use its wholesale base to expand with new partners in Moscow and other parts of the world in early 2010.

All of the company’s directors have been replaced in the last 18 months, with Theo Fennell himself returning as creative director in June 2009, after being removed in mid-2008.

Other luxury jewellers enjoyed better than expected sales over Christmas, with Cartier owner Richemont seeing a two per cent like-for-like increase in the three months to December. The rise is part of an upward trend for luxury goods.