Jaeger reveals £8 million loss
Premium fashion retailer Jaeger has revealed that it made an underlying loss of £8 million in the year to 29 February.
Sales dropped to £85.5 million from £92.4 million in the prior year. After incurring exceptional charges of £27.5 million, including those relating to the collapse of fashion brand Aquascutum, the company made a loss of £35.5 million.
Jaeger was sold to Better Capital, a Guernsey based investment company, in April and is now debt free. Since the acquisition, Jaeger has undertaken an operational review which has seen it cut costs and revamp its product range. In addition, there are plans to expand the company overseas.
Meanwhile, the retailer has announced the appointment of Collette Brown as head of womenswear design as it looks to strengthen its management team.
Brown will join Jaeger from Burberry London where she was senior designer. Prior to Burberry, she held design roles with Bally, Pringle and Dolce & Gabbana.
Stewart Binnie, executive chairman of Jaeger, said: "We are delighted that Collette Brown is joining us from Burberry London as our new head of womenswear design, Collette’s experience will be extremely valuable to the business and we look forward to working closely with her on design and development of Jaeger’s womenswear collections."
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