In the ever-growing luxury market, family-run Boodles has managed to focus on what it does best and see profitable results.
Boodles is a unique business in the UK jewellery industry. While there are many British, family-owned jewellers up and down the country, Boodles is one of the only ones on Bond Street, where its flagship in London is located, and its main target market is British entrepreneurs.
While other high-end jewellers are competing for international sales, which has proven to be lucrative for many, Boodles is sticking to what it does best — serving the British. And this strategy is certainly paying off.
For the year ending February 2018, sales at Boodles topped £70 million for the very first time, and then the following year (the latest accounts to be published by the jeweller), this momentum continued, with turnover up to £77m.
To do this well in today’s market, Michael Wainwright and his team spend a lot more time building relationships outside of the store, and making customers feel part of an exclusive ‘club’.
Boodles has been in Wainwright’s family since 1860, with his family buying the business in 1900, back when there was just one shop in Liverpool.
For Wainwright, the continued success of the business relies on offering an unrivalled customer service (which is built on strong and authentic relationships) and investing heavily in design and the Boodles brand.
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