Luxury jeweller Theo Fennell is eyeing international expansion as its pre-tax losses grow
The jeweller, which secured a fund raising this year to enable it to invest in store refurbishment and a website relaunch, is relying on international growth to take it back into the black this year.
Theo Fennell founder and interim managing director Theo Fennell said: “Our focus in on the international expansion of the brand, in the US and China in particular.”
The jeweller is currently in discussions with potential partners in both countries.
Turnover at Theo Fennell was flat at £12.5m with pre-tax loss rising from £350,000 to £550,000 in the year ending March 31. The retailer said it had a strong start to its current financial year, however, with retail sales up 15% in the first 12 weeks.
A “disappointing” Christmas trading period, due to the extreme snow, hindered the jeweller in its last financial year, as its first half sales were up 12.5%.
The retailer is targeting wholesale and online growth this year following its website relaunch last October.
Theo Fennell chairman Rupert Hambro said: “The business is now well positioned for future growth and are confident that the company is on track to deliver profit this year.”