The shine is gone: jewelry lovers have less extra money thanks to cost of living pressures
Thomas Sabo jewelry and watches are designed to exude rock star glamor and elegance.
Fans of the retailer include Rita Ora and Katy Perry.
However, its latest figures show the brand has lost its luster in the UK.
Profits fell 85 per cent to around £200,000 last year.
Turnover fell very slightly to £11.3m, but inflation increased costs.
Jewelry lovers have less extra money thanks to cost of living pressures.
This reflects broader trends in the global luxury goods sector.
The very rich continue to spend, but ambitious buyers remain cautious.
And this despite Thomas Sabo’s wide price range. A necklace can cost £1,198, but a Gummy Bear pendant from the Haribo candy collection costs just £45.
The group has more than 190 stores in 25 countries.