Jaeger’s turnaround plan begins to pay offComments Off on Jaeger’s turnaround plan begins to pay off
Jaeger is part-way through a five-year turnaround plan led by chief executive Colin Henry launched in 2013 with the aim of re-establishing the brand.
The plan has paid dividends as the pre-Christmas Black Friday and Cyber Monday sales extravaganzas pushed sales at stores open more than a year up 8% in the 13 weeks to January 3, although milder weather forced Jaeger into price cuts in the autumn.
The group’s new King’s Road flagship in Chelsea saw sales up 16% since its refurbishment last September, online sales jumped 78% and click-and-collect in-store sales rose 82%.
Cashmere sales nearly doubled as the company pushed on with plans to introduce more expensive fabrics.
Henry said the improved performance online and from concept stores “shows our strategy is paying off”, although the consumer environment is still “difficult”.
Better Capital bought the then loss-making Jaeger for a knockdown £19.5 million from rag trade veteran Harold Tillman in 2012. Tillman has recently been linked with a bid to buy back the business, which traces its history back to 1884.