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JEWELLERY retailer Gems TV Holdings, which dismayed investors with its recent financial results, has appointed a new managing director for its key British market.
Mr Tony Hillyer replaces Ms Karen Wenborn, who resigned earlier this year. Mr Hillyer will report to Gems TV's chief executive, Mr Jason Choo.
Gems TV said Mr Hillyer's understanding of the British market will further strengthen the company's ability to anticipate consumer preferences there.
Mr Jason Choo said Gems TV is delighted to have Mr Hillyer on the team. 'Tony's background in retail, home shopping and gaming provides the ideal set of skills to manage our distinctive business in the UK.'
Mr Hillyer was previously marketing director at Select Property and had served as Stanley Casinos' marketing and business development director.
Market watchers say Mr Hillyer's appointment comes at a time when confidence in the stock needs a good lift. Gems TV's third-quarter profit fell 88 per cent to US$1.3 million (S$2 million).
This was chiefly attributable to increased selling and administrative expenses for the firm's expansion efforts in the United States, and to competition in Britain. Gems TV has already said it does not expect the firm's performance to change much in the next two quarters, though it remains positive over the longer-term outlook.
GABRIEL CHEN
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