700 jobs to be axed as luxury firm Jaeger goes under

THE luxury brand Jaeger, which dressed the likes of the Duchess of Cambridge and Audrey Hepburn, collapsed yesterday, putting almost 700 jobs at risk.

Directors appointed administrators after failing to find a buyer for the chain, which was on the market for £30million.

Despite being acquired by Better Capital for £19.5million in 2012, the firm – which has one freestanding store in Edinburgh and six concessions across Scotland – struggled under competition from other high-street retailers and rising online sales.

Andy Brian, head of retail at Gordons law firm, said: ‘Like BHS last year, Jaeger has failed to capitalise on the growth of online retailing.

‘As a result, it has been left behind – and left struggling – where other fashion retailers have grabbed the opportunity.

‘We can expect more famous retail brands to go into adminis-

‘It has been left behind’

tration this year for the same reasons.’

Jaeger, which was founded in 1884, employs around 680 staff at 46 shops, 63 concessions, its London head office and a logistics centre in King’s Lynn, Norfolk.

The company was founded as Dr Jaeger’s Sanitary Woollen System Co and named after Dr Gustav Jaeger, a zoologist who advocated the health benefits of animal fibres.

The brand launched the first camel hair coat, a hit among the well-heeled women who shopped at its flagship store in Regent Street, London. It earned a Royal Warrant in 1910 and in 1914 the explorer Ernest Shackleton wore Jaeger on his Antarctic expedition. Fans included Marilyn Monroe and Twiggy.

Last year, sales fell from £84.2million to £78.4million.

STRUGGLING fashion retailer Jaeger has collapsed into administration, putting nearly 700 jobs at risk.

The failure is likely to see most of the High Street chain’s 46 stores and 63 concessions closed down, although the brand may live on after a deal with Philip Day, the billionaire owner of Edinburgh Woollen Mill.

Alix-Partners has been appointed to wind up the business after failed attempts to sell it for £30m by private equity owner Better Capital.

No buyer emerged, although Day is thought to have agreed to take on the company’s debt.

A statement issued by Alix-Partners yesterday said that the company was ‘unable to attract suitable offers despite a lengthy and well-publicised sales process’.

Joint administrator Peter Saville said: ‘It has not been possible to identify a purchaser for the business. Our focus now is in identifying an appropriate route forward.’

Jaeger employs around 680 staff and has a head office in London and a logistics centre in King’s Lynn, Norfolk. Better Capital acquired the fashion brand for £19.5m in 2012, but it has struggled under difficult conditions for High Street fashion retailers in recent years.

Last year sales fell from £84.2m to £78.4m and it posted a £5.4m loss.