Theo Fennell hoping its luck will turn
Thursday 26 July 2012
Finely crafted scallop, evil eye and zodiac lucky charms were not enough to ward off losses at jeweller-to-the-stars Theo Fennell.
The company, which implemented a restructuring earlier this year, suffered a very difficult Christmas and reported a £1.2m loss for the year to April.
The Fulham-based firm, whose jewellery is worn by celebrities such as Lady Gaga, last made a profit of £1.4m for the year ending March 2008.
But last year its eponymous founder returned to take control after a series of boardroom shake-ups. Its chief executive Barbara Snoad left last June, the second time she had led and then left the company. But the firm's "in-depth restructuring of its cost base" has cut costs by £1m and it said it is on track to significantly reduce its losses at the coming half year. Recent trade has picked up.
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