LONDON — A&G Group, parent of luxury brands Asprey and Garrard, is keeping up its sales momentum with a 75 percent rise to $41 million in the nine months from April to December 2004, according to Gianluca Brozzetti, chief executive of the privately owned group.
As reported, sales in the six months ended Sept. 30, 2004 rose 74 percent, year-on-year, to $22 million. Brozzetti declined to give full projections for the 2004 fiscal year, which ends in March.
“This is a very challenging, long-term project that we’ve taken on, but sales are improving and we have a fantastic future ahead of us,” said Brozzetti in a telephone interview.
The impetus behind the sales spike included the opening of Asprey’s mammoth, Norman Foster-designed flagship on Bond Street here in the spring, and the unveiling of Asprey and Garrard sales points in Russia and Japan.
One of Asprey’s bestsellers so far has been a red alligator handbag for 7,000 pounds, or $13,650 at current exchange. “There is a waiting list for it in New York,” said Brozzetti.
Brozzetti also confirmed operating losses at two of A&G’s U.K. firms totaled 22.7 million pounds, or $44.3 million, in the 2003 fiscal year, which ended in March 2004. He said the losses were due to costs from overhead, product development and staff.
“These are operating losses from two A&G companies in the U.K., and do not reflect our consolidated results,” said Brozzetti.
As reported, the group expects its operating results to break even by the end of the 2005 fiscal year on March 30, 2006.
This story first appeared in the January 7, 2005 issue of WWD. Subscribe Today.