Asprey made tiaras for queens for 200 years — then private equity broke it

Asprey was founded in 1781 by William Asprey in London, making it one of the world's oldest luxury goods companies. For seven generations, the Asprey family supplied silver, jewellery, and leather goods to British royalty and international aristocracy. The company held multiple royal warrants and was known for its flagship store at 112 Regent Street.

In 1995, Prince Jefri Bolkiah of Brunei bought Asprey for £244 million through his Amedeo Development Corporation. The Asprey family received over £100 million but retained only 10%. After poor performance following the acquisition, the company was forced to sell off its crown jewels — Mappin & Webb, Watches of Switzerland, and Hamilton & Inches — in 1998. The company was renamed Asprey & Garrard.

In 2006, after ownership by Lawrence Stroll and Silas Chou, Asprey was sold to US private equity firms Sciens Capital Management and Plainfield Asset Management. In 2009, Hermès purchased the freehold of Asprey's flagship New Bond Street store, forcing the brand to become a leaseholder. The jeweller that had supplied British royalty for two centuries was now a private equity asset without even owning its own store.