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Marks and Spencer Group Plc (LON: MKS) will acquire London-based clothing chain Jaeger after it fell into administration last year.
- M&S will sign an agreement to acquire the brand soon. Jaeger is part of the Edinburgh Woollen Mill Group and is owned by retail tycoon Philip Day.
- Philip Day’s other business, EWM Group had already called in administrators for its Edinburgh Woollen Mill and Ponden Home last year.
- The upmarket fashion brand Jaeger along with its sister concern Peacocks fell into to administration alongside in November.
- Jaeger had 76 stores and concessions and employed 347 workers before it fell into administration.
- Reportedly, Marks and Spencer is not looking to acquire other EWM group companies Peacocks, Jacques Vert or Austin Reed.
- During the lockdowns, Jaeger’s online shopping operations have remained open and continue to trade as normal.
- The Jaeger’s deal may only include its brand and stock but not the standalone stores, it is reportedly said that the deal was in the offing, but its previous assets were less likely to be saved.
- For M&S the move to acquire Jaeger is in line with company’s strategy to sell third-party brands, through its existing tie-ups with the likes of Ghost and Nobody’s Child.
- On 6 January 2021, the stocks of the Marks and Spencer Group Plc (LON:MKS) traded higher by 1.61% from its previous closing, hovering at around GBX 141.50 at 09:59 AM GMT+1.
