Theo Fennell, the jeweller to the stars, is back in the black.
Coinciding with the good news, Mr Fennell is launching an Alias silver diffusion jewellery range this week which – at prices from £75 to £2,000 in Harrods, Harvey Nichols and Royal Exchange – is a far cry from the £100,000 necklaces bought by his more well-heeled customers.
Mr Fennell said the jeweller he returned to as creative director 18 months ago, after a high-profile spat, will make a small profit this year: "I hardly dare say it but I don't think I have ever been so confident. It's odd but people really love austere times; it makes them want special things with old-fashioned values and craftsmanship."
Mr Fennell, who owns 16 per cent of the AIM-listed business, made his mark crafting bling worn by stars including Lady Gaga. Now he wants to make more accessible jewellery, hence Alias.