Tue, 07 Feb 2017 | BUSINESS SALE
Historic high-end retail brand Jaeger is up for sale as the high street’s woes continue.
City AM reports that Jon Moulton, head of private equity house Better Capital, which acquired Jaeger in April 2012 for £19.5 million, has confirmed that a sale process “is under way”.
In February reports suggested Better Capital had appointed AlixPartners to help it canvass interest from prospective buyers.
The Telegraph reported that fashion entrepreneur Harold Tillman, who owned Jaeger between 2003 and 2012 before it was sold to Better, is in the running to buy it back.
Moulton told City AM that a “considerable number” of buyers are interested in Jaeger, which was established in the 1880s, blaming heavy discounting for the firm’s problems.
“Everyone seems to be offering clothes at minus 70 per cent and that really is a nuisance because it destroys the image of your brand, it is hurting lots of retailers. Even Burberry is not having an easy time,” he said.
“We don’t see it going into administration otherwise we wouldn’t be sitting here. From reducing prices of the clothes to shutting shops, we’ve considered all the options you could imagine.”
Last year, Jaeger shut three of its stores including its Regent Street flagship and opened a new two-floor store in Marylebone.
The firm is the latest in a line of retailers having a tough time.
Agent Provocateur, which collapsed earlier this year, was recently acquired by an investment vehicle owned by Mike Ashley, the owner of Sports Direct. Jones the Bootmaker, one of the oldest names on the British high street, was put up for sale by its private equity owners last month. And L’Oreal is said to be mulling a sale of The Body Shop, which it acquired about 10 years ago.
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