Theo Fennell sees 21% dip in holiday sales

The 2008 holiday sales at Theo Fennell slipped by 21 percent on a same-store basis, on account of a weak U.K. market - its home market. The retailer experienced flat international sales. In the first fiscal half ending September 30, 2008, the retailer witnessed similar drop in sales of 20 percent to $15.09 million. Its net loss in the six months was $844,972, due to low Christmas sales and the cost incurred for downsizing the business.

The retailer has extended its contract to run the jewellery counters at Harrods for three years, but has discontinued its stewardship of its luxury watch counters. IT is laying emphasis on building its brand globally, through 2009, by expanding the franchise and concession network with existing trading partners in the Middle East, Russia and other former Soviet Union countries.