According to a BBC report, US direct seller Stella & Dot is ending its operations in Europe.
Several UK sales reps, some of whom host parties to sell jewelry, say they have been messaged by the firm to say it has been hit by declines in the value of the pound and euro.
Messages have been posted online by the sales reps from chief executive and founder Jessica Herrin, who founded the company in 2003 and also founded WeddingChannel.com.
Herrin says the once profitable European business is now operating at a loss.
“Sadly the market conditions in Europe have become very difficult,” she wrote. “In the last few years the British pound and Euro have devalued against the US dollar by almost 20 percent, causing a deep decline in our margin, whilst at the same time operating costs have increased.”
Herrin also wrote that the decision to close had been taken with a “heavy heart” and after “countless deliberations” and that it was of “utmost importance” to exit gratefully.
UK sales representatives, known as stylists, will be able to continue to sell products and earn commissions until April 7.