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Fabergé Is Raising its GBP Retail Prices
The Gemfields-owned company is increasing prices in the U.K. by 10 percent to combat the weakening of the British pound.
London--Fabergé announced yesterday that it will increase retail prices in the United Kingdom by 10 percent, beginning March 1.
“The U.K.’s decision to leave the European Union has had a significant effect on the watch and jewelry industry. The GBP has fallen against all major currencies,” the company explained via a press release.
The Gemfields-owned jewelry brand has two standalone retail boutiques, one in London and one in New York, plus a shop-in-shop in London’s Harrods department store.
Fabergé also has 39 wholesale accounts around the world, including in the United States.
Financial Director David Lovett told National Jeweler that, “The increase in GBP prices by 10 percent is to maintain stability across Fabergé’s global retail network.”
The company said that the increase will not affect wholesale pricing.
The British pound is currently valued at roughly 20 percent below the U.S. dollar at current exchange rates.
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