Customers undeterred by the broader consumer downturn have raised the new Asprey chief’s confidence of taking the perennially loss-making company into profit in next 12 months. Robert Procop, quit rival jewellery company Garrard to join Asprey as the new chief executive. He will take over day to day functions from John Rigas who is the chairman of Asprey and head of Sciens Capital, US.

Mr Rigas’s main task was to achieve turnaround for Asprey by cutting down £20m ($39.6m) of costs from the business, through partial closure of unviable stores. Having completed the task he decided to step back from the business. According to Mr. Rigas, Asprey has been able to increase its like-for-like sales by 15 percent with the help of affluent shoppers in adverse conditions when mass market retailers Marks and Spencer and John Lewis were struggling to sale.

He informs that Asprey’s average transaction value has risen and confidently states that its products will have value for several generations and protect it from economic slowdown. Mr. Robert Procop had briefly headed the combined Asprey and Garrad luxury business before the split of brands.

Mr. Rigas acknowledged that it was Mr Procop who fixed and stabilised Asprey & Garrard in 1999 when it was in a very bad shape. Procop’s departure in 2000 led to the near collapse two years ago. Mr. Procop will be focussed on increasing sales and market share and would not bring Asprey into the mass market with new products and opening of expensive stores. He is not interested in selling socks or sun glasses.

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