The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
British retailer Marks & Spencer has purchased the Jaeger brand from its administrators as part of a strategy to bolster its clothing division with new names, it said on Monday.
M&S said it was in the final stages of agreeing the purchase of product and supporting marketing assets from the administrators of Jaeger Retail Limited and expected to fully complete the deal later this month. No figures were disclosed.
Before going into administration Jaeger was part of Philip Day’s Edinburgh Woollen Mill Group.
Last year, M&S chief executive Steve Rowe said the retailer would sell other brands to broaden the appeal of its business.
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In September it partnered online with Nobody’s Child and has also collaborated with Ghost and most recently with Early Learning Centre.
“We have set out our plans to sell complementary third party brands as part of our Never the Same Again programme to accelerate our transformation and turbocharge online growth,” said Richard Price, managing director of M&S’s clothing and home division.
Last week, M&S, which also sells food, reported another big fall in sales of clothing and homeware in the Christmas quarter as COVID-19 restrictions hit demand and closed space, factors it said were masking progress made on its turnaround plan.
Shares in M&S closed Monday down 2.6 percent, extending year-on-year losses to 30 percent.
By James Davey. Edited by Costas Pitas and Toby Chopra.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.