The Waterford Wedgwood group, now well used to financial swings and roundabouts, is attempting to claw its way out of its most recent fiscal quagmire. Group chief executive Peter Cameron recently described the firm's 191m loss last year as "unacceptable". Hope for a recovery now rests heavily on topname designers revamping the range of crystal and chinaware products. The aim: to entice younger buyers, particularly in the US.

John Foley thinks his division is on the cusp of a radical change. But he would. Still, the down-to-earth and friendly Limerick native now living in Wicklow, who splits his time between the US and Ireland (about 200 days in the States last year), is not one for platitudes. He is, if anything, genuinely enthusiastic about bringing Waterford Crystal into a new era. If he succeeds it could well be the 54-yearold's lasting legacy to the company.

He certainly has a track record. Foley was responsible for attracting designer John Rocha to the brand several years ago in a move that not only boosted sales, but paved the way for other names to follow in Rocha's footsteps.

"I've no doubt in my mind that we can succeed, " said Foley, a former Bord na Mona executive, when asked if he believes the crystal division can both see off competition and persuade a new generation of consumers to buy into the brand. "I'm very impatient in terms of what I want to achieve. I felt I could have done it very quickly. But it takes time."

He added that the company is very much in what he describes as "change mode", with the new product ranges primed to reach US stores within months. Among those lined up include stemware (that's glasses to you and me) and china designed by Marc Jacobs, a vaunted US designer who is also works with luxury goods firm LVMH. That relationship led to some legal gymnastics to enable Jacobs to work with Waterford.

Some members of the trade have already been given sneak previews of his products for the Irish firm. The reaction has, apparently, been nothing short of awe. Already, according to Foley, leading fashion magazines such as Vogue are clambering over each other to be the first to feature the products before they hit shelves. Importantly, Jacobs is well recognised in Japan, which Foley hopes will act as a accelerant for the company's sales there.

Another sign of Waterford Crystal's renaissance, said Foley: the fact that top-end department store Bloomingdales is dedicating increased space to new Waterford products, something that it wouldn't previously have considered. The roll-out to Bed, Bath & Beyond, a nationwide chain of outlets that sells everything from tin openers to vacuum cleaners, is also continuing apace. The store has a thriving bridal registry service and Waterford Crystal products now feature in about 100 of its stores. Within three years they should be in 200.

Even more telling of how Foley's charge is redrawing the Waterford Crystal's footprint: the latest quarterly sales to the end of May saw it establish an 11% US market share in chinaware. That's higher than Wedgwood and achieved, stressed Foley, without cannibalising Wedgwood's own sales.

And despite the overall group's losses, it still commands a 40% share of the US crystal and "gifting" market.

That's admittedly impressive when one considers there are literally dozens of competitors challenging Waterford for consumers' hearts, minds and wallets.

Even a traditional range such as Lismore, which has been on sale since 1952 (the year Foley was born), is getting the makeover treatment.

The range still sells extremely well, said Foley, but he has plans for that particular brand.

"Lismore is still the number-one selling stemware for us and the biggest selling crystal pattern in the world, " he said. "But there is an opportunity for contemporising that to have a version that will ensure we capture more market share." He won't be drawn on the plans which he said he wants to "keep under wraps", but expects it to happen within the next 12 months. "I am so excited about that. It really is a rebirthing of the 1952 range."

But most births of course, not to mention rebirths, can be fraught with pain. For Waterford Wedgwood, that pain has been embodied in a reduction in staff numbers, the closing of its plant in Dungarvan, and persuading investors to part with more cash to prop up the company while it goes through labour.

Its latest rights offer . . . the fourth in less than three years . . . saw just over 54% of shareholders subscribe to the 60m in new stock available. That left chairman Tony O'Reilly and his brother-in-law and deputy chairman Peter Goulandris holding a combined notional stake of over 51%, but with agreements in place with Davy Stockbrokers, could see that rise to 60% next year. Indeed most of the rights issue was subscribed to by O'Reilly and Goulandris. One senior analyst said that most institutions are now effectively ignoring Waterford Wedgwood, seeing it as more of a private firm and one with a recovery plan that does not seem to be working.

Still, John Foley thinks very differently. There is no denying that he is working hard to place Waterford Crystal back on top. If he can significantly boost sales and profits he could return to Ireland a conquering hero.

Other new weapons in his arsenal include wine glasses developed in conjunction with the Robert Mondavi winery in California. With glasses for different grape varieties, Foley thinks they will be a massive hit. Hopes are also resting on ranges such as Grafton Street, Ballet and Marquis, while sales of the brightly-coloured Revolution line are also doing well, according to Foley.

It's clear there's plenty left to do. Foley, who was a recent candidate for the top job at An Post, is certain he can help turn the company around.

Certainly, that may be an easier task than changing An Post would ever have been.

"It was a privilege to be asked, I suppose, " he said, "but I have big challenges here to do what I have to do."

That is certainly not an understatement. For Foley, the status quo is not something that can be accepted.

By this time next year one suspects that Foley's battle plan will have proved itself, one way or the other.

THE CV JOHN FOLEY
Age: 54
Position: chief executive, Waterford Crystal (part of Waterford Wedgwood)
Experience: Previously worked with Beechams, Bord na Mona
Marital Status: Married, with two children.

WATERFORD WEDGWOOD
Revenue (2005): 772.6m
Net Loss (2005): 190.8m
Background: Mounting losses have seen the company cut employees and close some manufacturing operations in Ireland.

With major restructuring and new product lines the company hopes to return to profitability this financial year.