Leading multinational retailer Marks & Spencer has recently announced the acquisition of fashion brand, Jaeger, from administrators. Reportedly, this deal excludes the retailer’s remaining 63 stores. M&S in this regard has stated that it is looking forward to concluding the procurement of stocks and assets of Jaeger through the end of the month. Apparently, the deal was done in the low millions of pounds.

As per the sources of knowledge, this acquisition is a part of M&S’s efforts of selling a wider range of brands online, a strategy that will place it directly against Next, which is its larger FTSE 100 rival. Besides, M&S has already purchased other brands such as dressmaker Ghost, environment-conscious clothing firm Nobody’s Child, and toy specialist the Early Learning Centre.

Speaking of the deal, Managing Director of M&S’s clothing and home division, Richard Price has stated that the company has bought the Jaeger brand and is in concluding stages of the purchase of product and required marketing assets from the administrators of Jaeger Retail Limited.

It has been reported that the FTSE 250 retailer was considered a leading contender to acquire Jaeger after Edinburgh Woollen Mill Group, its owner, lapsed into administration in the month of November along with other chains such as Peacocks. The group, which was earlier managed by Philip Day, slid into severe financial crisis as the coronavirus pandemic forced it to close its operations.

For the record, Jaeger had employed 347 people across its 76 stores and concessions prior to the administration, but later, it shut down 13 of its locations which made 97 people redundant. However, it is not yet clear whether the jobs would be saved under M&S deal, as the negotiations continue. Apparently, the administration has put around 4,800 jobs at risk across all of Day’s brands.

Further, Jaeger, also comprised of the formalwear chains Austin Reed and Jacques Vert. However those brands were not the part of the deal and will continue to remain under the ownership of Day’s holding intellectual property company based in Dubai which did not enter administration.

Source credit: https://www.theguardian.com/business/2021/jan/11/marks-spencer-buys-jaeger-fashion-brand-from-administrators