Marks & Spencer has announced that it has bought Jaeger, a high-street label which went into administration last November. The retailer will not be taking on Jaeger's stores or concessions, but will be adding the brand to its roster in the hope of improving clothing sales, which have been in decline this past year.
The purchase is in line with Marks & Spencer's new strategy, which was announced in May 2020, where the retailer revealed that it would be stocking complementary brands to help boost sales. It has already teamed up with the Early Learning Centre, Nobody's Child and Ghost London.
"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," Richard Price, managing director of M&S Clothing and Home, said, according to the BBC.
"In line with this, we have bought the Jaeger brand and are in the final stages of agreeing the purchase of product and supporting marketing assets from the administrators of Jaeger Retail Limited. We expect to fully complete later this month."
Jaeger was previously part of Philip Day’s Edinburgh Woollen Mill Group and is known for its smart and traditional designs, which come at a mid-range price point. It has been a feature on the British high street for over 135 years.
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