Sun, 13 Feb 2011 | BUSINESS SALE
Jaeger, the UK fashion chain, has been put up for sale by Harold Tillman, the rag trade veteran and chairman of the British Fashion Council, who rescued the business from the jaws of insolvency eight years ago.
Tillman is believed to have acquired Jaeger from Richard Thompson, the businessman who used to run Queen's Park Rangers, for a paltry sum in 2003.
Following his success with Jaeger, the entrepreneur bought struggling 158 year-old Aquascutum off its Japanese owners, Renown, in 2009.
Tillman has hired investment bankers Rothschild to consider strategic options for Jaeger and to examine expressions of interest for the business that have apparently been made over the last month.
Jaeger has 46 stores in the UK and now records profits of £7m on annual revenues of £86m – a remarkable turnaround on its situation at the time of purchase, when it posted a loss of £12m.
Only last week Jaeger announced that it had stuck a partnership deal with JamilCo, a Russian luxury brand distributor, which will see the clothes retailer open its first shops in Moscow this spring. The 130 sq metre stores will be in the Metropolis on Leningradskii Prospekt and in the Vremena Goda mall on Kutuzovskii Prospekt. A further Moscow store will open later this year together with the first St Petersburg outlet.
Six months ago, Jaeger expanded into Italy with four in-store concessions.
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