The business was founded by William Asprey in 1781, in Mitcham, Surrey as a silk printing business. The company quickly became a luxury emporium, and in 1841, Charles the eldest son of William Asprey went into a partnership with a London-based stationer. However, in 1847, the company broke off this partnership and moved to a new location on New Bond Street, which happens to be the same place that Asprey stand on today.
As the business began to grow, the company acquired manufacturing facilities and hired jewelers, goldsmiths, silversmiths, and watchmakers, among them, was Ernest Betjeman (father of the distinguished poet John Betjeman) by far the most highly regarded craftsman of his time. The company went on to manufacture exquisite pieces of jewelry and other items for top dignitaries including the Maharaja of Patiala.