Its rocks and gems festoon the necks of celebrities and adorn the fingers of millionaires. Now Theo Fennell is to offer its jewellery to the masses. The AIM-listed company, patronised by the likes of Lady Gaga, Victoria Beckham and Sir Elton John, said yesterday that it was introducing a range of cheaper silver jewellery to broaden its appeal. Theo Fennell, whose eponymous founder and creative director returned to the fold last year, said the range would start at about £75. Its pieces have fetched as much as £250,000, with most items priced at comfortably more than £1,000.
Barbara Snoad, who returned to the company as chief executive with Mr Fennell, believes it can prosper even as some commentators foretell the death of conspicuous consumption. “It’s a question of realising that in a recession people get more discerning. They think more about what they’re buying, why they’re buying it and what it means to them”, she said. “They don’t just buy because it’s got someone’s name on it.
“If you have beautiful product, there’s no reason why you should be suffering at this moment in time.”
Along with an improved website and continued expansion in the Middle East and in Asia, the new range is part of an attempt by the company to add mass appeal to a brand synonymous with the ultra-rich.
Ms Snoad insisted the standard of the jewellery would not be compromised. “One of the most powerful parts of our DNA is the quality and craftsmanship”, she said.
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She added that the company was in discussions with new franchise partners that would bring Theo Fennell to mainland China for the first time. An opening is also planned in Qatar.
Theo Fennell’s annual results yesterday suggested that it has begun to recover since Mr Fennell and Ms Snoad’s return to the business — what the founder referred to as his 18-month “interregnum”.
Like-for-like sales rose by 23 per cent in the six months to March 31 — a rate that it has retained since then. Losses narrowed to £350,000 from £3.3 million in the previous year.
However, overall turnover fell from £21.8 million to £12.6 million because of the closure of a Harrods concession.
Shares in the company edged up 1.3 per cent or ½p to 40½p.