BRITISH jeweller Theo Fennell – championed by celebrities like Elton John and Naomi Campbell – plans to launch a range of lower-price products to target younger customers, the firm said yesterday.
The new range of silver jewellery, to be priced between £70 and £2,000, is part of the company’s turnaround plan.
Theo Fennell made a loss before tax and one-off items of around £250,000 in the year ending 31 March.
That was an improvement on the £2m loss reported the year before.
Theo Fennell’s eponymous founder returned to the company last year in a bid to reverse a steep decline in its fortunes.
The firm, which typically sells jewellery priced at a minimum of £1,000 is aiming to encourage a wider customer base.
Chief executive Barbara Snoad said: “We are broadening the type of customer and trying to appeal to younger people and other groups.
“We are not diluting the brand because the quality is still there.”
On the company’s improved balance sheet, she said: “The management team is now putting its foot on the accelerator pedal.”
Fennell’s flamboyant designs -- from skull rings and diamond-studded crucifixes – became synonymous with the conspicuous consumption of the late 1990s.
Seymour Pierce analyst Freddie George said the new lower-priced range could be “transformational for the business in the medium term”.
The new “silver diffusion” range will be launched in October.