Trading Statement

    15 October 2003

                               Theo Fennell plc                                

                               Trading Statement                               

The Directors are pleased to announce that sales for the half year ended 30
September 2003 were £6.7m, 26% ahead of last year. These figures include
contributions from the re-designed and newly refurbished jewellery department
in Selfridges, London and the new concession in the recently opened Harvey
Nichols, Manchester, as well as a significant increase in special sales. Sales
excluding the above were 6% up on a like for like basis.

In line with the company's licensing strategy, Theo Fennell is designing an
exclusive range of fine jewellery in conjunction with Debenhams called
"Tomfoolery by Theo Fennell for Designers at Debenhams". This collaboration is
an exciting development and other licensing deals are being explored.

Richard Northcott, Chairman, said:

"These results are very satisfactory, particularly when the challenging trading
conditions are taken into consideration. Our new concessions are trading
encouragingly and overall the whole business has started the new financial year
on a positive note".

For further information:

Richard Northcott, Chairman                                 020 7591 5000    
                                                                             
Richard Fallowfield                   CardewChancery        020 7930 0777    
                                                                             
Rupert Pittman                                                               



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