Boodles Sales Jump To £125 Million But Profit Slides
Boodles, one of Britain's most prestigious family jewellers, has reported a significant increase in sales, reaching £125 million, driven by the sixth generation of the Wainwright family. The company, founded in 1798 and known for its bespoke jewellery and exclusive partnership with Patek Philippe, has seen a 19% rise in sales during the first year of leadership by Jody Wainwright and James Amos. However, despite this growth, operating profit has fallen by 25% to £13 million, reflecting the challenging retail landscape in the UK, exacerbated by the impacts of the Tourist Tax. The leadership transition occurred when Michael and Nicholas Wainwright moved to non-executive roles, allowing the next generation to take charge. While the brand's profitability has declined since its peak of £20 million in 2022-23, Patek Philippe remains a critical part of Boodles' success, contributing nearly one-third of its sales. The company is currently expanding its Patek Philippe boutique area in Manchester, indicating a commitment to maintaining strong brand partnerships despite recent challenges in retail.
