Asprey & Garrard, the prestigious London jewelers, are to split into separate companies just two years after the jewelers merged, the Financial Times reports. The two jewelers will remain under the same ownership.
After the split, Garrard will be promoted globally as a high-margin brand, and Asprey will retain low-key exclusivity, the Times of London reports. According to the Financial Times, Garrard will have its own shop in a corner of the Bond Street site where Asprey has been located for more than 150 years. The Bond Street store has seen a decline in sales since the two jewelers merged.
Asprey & Garrard merged into a single brand under the ownership of Prince Jefri Bolkiah, the younger brother of the Sultan of Brunei. The company was bought in July by Silas Chou and Lawrence Stroll, co-chairmen for the Tommy Hilfiger fashion group.
- by Julia M. Duncan