- Angela Gonzalez-Rodriguez |
The British fashion mogul has come to the rescue of the ailing fashion retail group, owner of brands such as Jacques Vert, Eastex, Precis or Windsmoor.
Jacques Vert’s parent group’s joint administrators, KPMG’s Will Wright and Rob Croxen, were appointed on Friday, when reports broke on the sale of Style to a subsidiary of Calvetron Style Holdings Limited. The buying consortium was led by fashion entrepreneur Harold Tillman, former owner of Jaeger, informed the ‘Mail on Sunday’.
Tillman said the Style Group deal was done via a so-called pre-pack administration, reported the ‘Evening Standard’. Confirming the news, the administrators pinpointed meanwhile that they had “completed an agreement to sell the majority of the business and assets to a subsidiary of Calvetron Style Holdings Limited.”
However, administrators advanced that “The deal sees them acquire all assets of the company and trading is anticipated to continue in the concessions based in the UK, Ireland, Canada and the Middle East, and five standalone stores, securing around 1,719 jobs in those locations. Of these, 1,272 are UK based employees.”
Former Jaeger’s boss sees “significant opportunity” in Jacques Vert
Concisely, seven concessions in Belgium and 17 standalone stores in the UK were not part of the deal and will close immediately with the loss of 272 job.
KPMG partner and joint administrator Will Wright further added that “The deal rescues one of the UK’s leading concession retailers and will see the continued trading of four high street brands, preserving a large number of jobs. It is a positive outcome given the challenging economic pressures faced by retailers across the UK.”
It’s worth mentioning that the priority for the company, which turned over 158.1 million pounds in the year ended January 2016, was to ensure it was fully stocked and restore brand awareness.
In an interview this weekend with ‘The Mail on Sunday’, Tillman, chairman of the British Fashion Council, said Style’s brands such as Jacques Vert and Eastex yield “significant opportunity”. In the same vein, Tillman told the newspaper that he and the other investors, including Sandeep Vyas and Haseeb Aziz, plan to revitalise Style by building sales online and overseas.
”This company is in the right space. These are premium brands. I have been through the product ranges and I can see a lot of potential.”