Like-for-like sales jump at royal jeweller ahead of Christmas.
London-based fine jewellery, leather goods and silverware brand Asprey enjoyed growth at the end of last year, with a jump in pre-Christmas sales under new managing director Paddy Byng.
The company’s flagship store in London experienced a sales increase of 36% in December, while its overall like-for-like sales jumped 31% in the eight weeks to Christmas.
Byng has now predicted that the company will break-even in 2013. This time last year it was reported that Asprey had suffered losses for the financial year to March 2010 despite cost-cutting and staff reductions, with liabilities said to exceed assets by nearly three to one.
In November last year it launched its e-commerce site, with a view to capturing sales in the run up to Christmas. Byng described the move into e-commerce as exciting and said the company plans to "fully invest in growing the digital platform further" in 2012.
Asprey was saved from administration in 2006. It welcomed Byng early last year from a role at Smythson, as part of a resurrection of the Asprey brand by Sciens Capital Management and Plainfield Asset Management.
Byng has also worked as a senior executive at Alfred Dunhill and Polo Ralph Lauren.