Jeweller Theo Fennell shrugs off VAT rise

Theo Fennell, jeweller to the stars, today said January's VAT rise is not a worry as a large proportion of its well-heeled customers are from overseas and not liable for the tax.

Chairman Rupert Hambro said the business had performed well over the last six months, while both its flagship Fulham Road and City stores have been upgraded.

Theo Fennell's new silver diffusion ranges are to be launched in stores in October while other new ranges have already begun to appear in the run-up to the crucial Christmas period.

Hambro said the company remains cautious about the festive season given the economic situation.

Sales for the first six months of its current financial year are up 11% on a year ago.