Turnover at Harry Winston UK dipped by 20% during the 52 weeks ended December 31 2018, but the luxury jewellery house managed claw its way out of the red.
Newly published accounts on Companies House report show a decrease in turnover from £21.9m to £17.5m, with the firm saying this fall is primarily attributed to reduced sales activity in the high-end jewellery product offering.
Despite a dip in sales, the company managed to bounce back from a loss of £934K during the last financial year, to a £495K profit gain in FY 2018.
Looking at future prospects Harry Winston’s directors and senior management are “confident” that their current strategy will produce positive results.
The directors remark: “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.”
The brand’s Harrods concession 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.
At present, Harry Winston has two retail locations in the UK – a flagship on New Bond Street and a concession with Harrods Fine Jewellery Room.