Theo Fennell, the luxury jeweller, today warned that its annual results would fall short of forecasts after fewer shoppers visited its stores.
The retailer, whose customers have included Victoria Beckham, Lady Gaga and Elton John suffered a slump in international and UK customers over the crucial festive period as poor consumer confidence took its toll on luxury spending.
As a result, Theo Fennell said its full-year results be would “materially” below management expectations, but it hoped ongoing action to cut costs will help limit losses.
The warning came as the firm’s private equity suitor was given yet more time to hammer out a deal after the Takeover Panel extended the deadline for a firm offer to 22 February.
The group – which is 16.1 per cent owned by founder Theo Fennell – revealed it was in discussions with EME Capital in early September.
In today’s trading update, the jeweller said international wholesale sales had risen strongly this year and it plans to continue developing this side of its business.
It added: “Following strong internet sales over Christmas, the board is also planning to grow the brand’s online presence and further increase online sales.
“Whilst the ongoing uncertain economic environment has impacted the company’s sales in the short term, the board remains positive about the long-term prospects for the business.”