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Theo Fennell loses its shine in downturn
24.06.08
Theo Fennell, the celebrity jeweller favoured by Victoria and David Beckham and Sir Elton John, today conceded that business was "tough" as the slowdown in the economy hits sales.
The firm, which has a flagship store on the Fulham Road and other London outlets at Harrods, Selfridges and the Royal Exchange in the City, said sales growth has slowed from more than 10% last year to between 3% and 5% so far this year.
It was a sign that the pain on the High Street was spreading to the top end of the market .
"Last year was fantastic," said a spokesman. "This year the environment is tough."
Turnover jumped 10.6% to a record £28.1 million in the year to 31 March, lifting profits 16% to £1.9 million.
The new Quiver collection, with necklaces costing up to £50,000, proved a hit with customers.
The firm parted company with its Eton-educated founder Theo Fennell in February, sparking a four-month war of words over use of the name.
