Marks & Spencer has acquired loss-making fashion retailer Jaeger out of administration for an undisclosed sum.
The purchase includes the acquisition of Jaeger's brand and stock, but not its 63 remaining standalone stores.
Jaeger, which was previously owned by Edinburgh Woollen Mill (EWM) Group, fell into administration in November along with EWM Group’s other brands, including its namesake EWM brand and Peacocks.
At the time, London-based Jaeger had 76 stores and concessions and 347 employees. Since then, 13 locations have been closed, making 97 people redundant.
It is unclear whether there will be more job cuts related to the new deal.
Jaeger bought from administration by Marks & Spencer
This latest acquisition by Marks & Spencer comes after the high street giant announced in May plans to stock more online brands, a move that would better position it to compete with rivals like Next.
Since that announcement, it has launched partnerships with eco-conscious fashion brand Nobody's Child and vintage-style brand Ghost London.
Richard Price, Marks & Spencer’s clothing and home managing director, said in a statement: “We have set out our plans to sell complementary third party brands as part of our Never the Same Again programme to accelerate our transformation and turbocharge online growth.
“In line with this, we have bought the Jaeger brand and are in the final stages of agreeing the purchase of product and supporting marketing assets from the administrators of Jaeger Retail Limited. We expect to fully complete later this month.”
Photo credit: Marks & Spencer