Theo Fennell contemplates expansion plans

British jeweller Theo Fennell is hoping to expand his business by trying to enter the US market. "We've finally decided to go for it and and not keep ourselves a secret anymore," the designer told WWD. The brand is already a big hit with British celebrities like Liz Hurley, Elton John and the Beckhams, with its signature bejewelled crosses and key pendants adorning more than a few gorgeous necks.

Fennell, who is a silversmith by trade, owns 70 percent of the business, together with board members Viscount Cowdray, Richard Northcott and Charlie Carter. The company is currently listed on London 's AIM stock exchange, but Fennell says that it will need a financial partner to be able to expand. "What we're looking for is a financial partner with the skills to help us to be a serious international player," he said. He is looking to expand into the US , the Middle East and the Far East . He is not adverse to selling the business while retaining creative control, or selling a minority stake.

Financial backing would also be needed to invest in top-quality gemstones in order to expand in both retail and wholesale. Last year the company realized sales of £16.3 million and has a current market capitalization of approximately £6.3 million. Retail prices for the jewellery collections range from £395 for a pair of gold earrings to £78,000 for a diamond ring with three stones. Fennell also makes jewellery for private clients. Furthermore, the company still produces silver, from classic picture frames to surprising objects like the top of Crème de la Mer jars.

The company currently has a flagship store in London 's South Kensington and in the City of London 's Royal Exchange. It also has shop-in-shops in Harvey Nichols Manchester, Harrods and Selfridges and has 17 wholesale clients in such far-flung market as Hong Kong , Dubai , Barbados and the Maldives . Furthermore, the company also has a number of private clients in the US , but Fennell is hoping to start afresh in that market.

"About 10 years ago, we were selling the jewellery at Neiman Marcus and the silver at Bergdorf Goodman, and it just didn't work at the time," he said. "There is nothing worse than knocking on America 's door and not being able to support what you're selling with good service and the proper infrastructure." Fennell hopes to establish a small base for distribution in the US and to initially sell via department stores. Eventually he would like to open freestanding stores.