The recession in the global market has affected high end business and latest fashion companies. This was the case for Asprey, a known fashion jewelry maker, which reported another drastic decline in revenues as affluent and rich clients have decided to tighten their belts through this economic ordeal.

For the first quarter of this year, revenues dropped to 9 million pounds compared to 27 million generated from the same period in 2008. The continuing decline has forced the company to let go nearly fifty employees to reduce operating expenses.

John Rigas, Asprey Chairman, took over the company three years ago in a bid to rescue it from insolvency. The company has then branched out to clothing and latest fashion trends as consumers are increasingly purchasing clothing including undergarments and lingerie online, in order to save money.

Rigas, a founder of Sciens Capital, was forced to pledge financial support recently to keep the company afloat. Despite this ordeal, he said that he’s optimistic about a turnaround in the near future. He specified that sales in Britain has increased from 13.8 million pounds to 15 million pounds thus showing signs of progress.

Asprey has been in the business for more than 200 years with 16 stores spread in major countries such as Japan, USA and Switzerland.