LONDON — Now that it has new owners, British luxury brand Asprey is moving to right its ship.
The company, which was acquired by financial investors earlier this year, said in a statement Tuesday it plans to move its Manhattan unit to a temporary location at 50 East 57th Street at the end of June. Next year, it plans to move to a permanent site on Madison Avenue, although a company spokeswoman declined to give further details. The announcement is Asprey’s first since the new owners took over in March.
The new, permanent site on Madison Avenue will be smaller than Asprey’s grand, money-losing location at 723 Fifth Avenue in the Trump Tower between 56th and 57th Streets. That flagship boasted 20,000 square feet over three floors — too much space to justify the traffic.
The statement added that Asprey’s new owners and management would continue with the brand’s international roll-out that started four years ago. Asprey’s sales were $45 million in the fiscal year ending in March.
Asprey’s points of sale number 14, and the plan is to boost that number to 40 in the next five years. At the end of April, Asprey opened a shop in the DFS Waikiki downtown store.
The statement said the brand expects to open in prestigious malls and department stores throughout the U.S.
Worldwide, over the next year, stores are expected to open in St. Moritz, Hong Kong, Singapore, Shanghai, Seoul, South Korea, Tokyo, Moscow and Guam.
After a costly relaunch, Asprey’s former owners and shareholders of reference, Lawrence Stroll and Silas Chou, sold the Asprey and Garrard brands to Sciens Capital Management LLD and Plainfield Asset Management LLC for between $80 million and $100 million.
Three days after the sale, earlier this year, Asprey International, the newly minted parent of both brands, spun off Garrard to Ron Burkle’s Yucaipa Companies for $20 million to $30 million.