Leading jewellery boutique, Harry Winston, recorded a £495,000 profit in 2018, despite falling sales of high end jewellery, this reporter writes.
The high end brand, with two flagship stores in both Harrods and New Bond Street, was able to claw its way out of the red in 2018, despite a loss of £934,000 last year.
Recent accounts published on Companies House showed an overall decrease in turnover from £21.9m to £17.5m which they attribute largely to the fall in up-market purchases including diamond necklaces, broches and engagement rings.
The company’s directors commented: “As seen in 2018, the sale of high end jewellery is unpredictable in nature. Therefore, management continues focusing on introducing new design collections and product assortments in an effort to build a predictable revenue stream.”
Harry Winston’s directors and senior management are “confident” that their current strategy will produce positive results.
The brand’s store in Harrods continues to do well for the company and remains instrumental in building brand awareness.
The Swatch Group continues to provide financial and human resources to the business, which will allow Harry Winston to capitalise on global luxury spending from both traditional and emerging markets.
A spokesman from Hatton Garden Diamond commented “The high street is under immense competition from online retailers, especially from the US and the young generation heavily influenced by Instagram. As Harry Winston demonstrate, nothing will ever beat the experience of walking into a high-end jewellery shop and picking out the perfect engagement ring or anniversary gift – and being able to bring in new ranges and types of diamonds will always be essential.”