Asprey's Renewed Focus

(NEW YORK) Asprey, the British luxury brand founded in 1781, has announced that it will discontinue its ready-to-wear collections as of December 31, 2008. The brand will renew its focus on three core areas: jewelry, silver, and leather. Last year, the brand had expanded its ready-to-wear under creative director Hakan Rosenius, who left his post this summer.

The push to expand ready-to-wear followed a massive expansion in the brand's retail presence under the leadership of then-CEO, Gianluca Brozzetti, who left the company abruptly in July of 2007. Brozetti was installed at Asprey & Garrard, the parent company, in 2001 after it was purchased by Lawrence Stroll and Silas Chou in 2000. 

In 2005 following financial difficulties, Brozetti brokered a debt-for-equity swap with Sciens Capital Management and Plainfield Asset Management that was estimated to be between $80 to $100 million. Immediately following the deal, Asprey International sold off Garrard for an estimated $20 to $30 million to the Yucaipa Companies, headed by billionaire Ron Burkle. Robert Procop, formerly of Garrard, was appointed as the new CEO this past July.

Since 2000, Asprey has expanded from two retail locations to thirteen. Earlier this year, the brand opened its third U.S. store at the Setai Hotel in Miami, Florida. This followed the opening of the U.S. flagship on Madison Avenue in 2007. This season, Asprey has introduced eleven jewelry collections as part of the shift in the company's focus back to its roots.
ADAM P. SCHNEIDER