Jewellery retailer Links of London claims it is set to reach sales of £80m by the end of the calendar year, with year-on-year growth of over 30%.
Chief executive Andrew Marshall said that its “affordable luxury” position has served it well in the recession. “We have had a tremendous last 18 months. A lot of higher-end jewellery and watch brands that have relied on wholesale have had a hard time. Our positioning is perfect for a recessionary market.”
Links, which was bought by Greek fashion group Folli Follie in 2006, said that both it and its parent group’s fascia, which is currently expanding in the UK market, have performed well.
“At the higher end people are trading down to the market where we dominate,” Marshall said.
Links has used Folli Follie’s strong network in Asia to expand its presence there, with new stores opening in Shanghai and Beijing in October and a flagship in Tokyo last year. Links now has 80 stores and concessions worldwide, with 45 of these being in the UK.
Folli Follie opened its 10th UK store in Glasgow last week and wants to build the brand to match Links in the UK. Marshall said: “We have another 10 stores planned for next year and the year after that and will build to be the same size as Links.”
He added that Links did not have expansion plans for the UK but would broaden its product offer.
He said that online is a key growth area for all luxury brands and that the retailer has been working with the Metropolitan Police to close fake sites, 140 of which sold counterfeit Links products.
The business was receiving around 20 calls a day from duped customers. Marshall said: “The announcement that these sites have been closed has restored confidence that we are actively something about it.”