5 March 2003

                               Theo Fennell plc                                

                               Trading Statement                               

Sales this year to date are significantly ahead of last year and all outlets,
both company shops and concessions, are trading profitably. Overheads are in
line with budget, but sales over the Christmas period were disappointing.

The company therefore expects full year results to show a modest profit, but
below expectations.

For further information:

Richard Fallowfield/Rupert Pittman    CardewChancery        020 7930 0777    



END