Multinational retailer Marks & Spencer has announced that it purchased fashion brand Jaeger from administrators.
Jaeger is owned by Edinburgh Woollen Mill Group (EWM), which entered into administration in November. It resulted in the collapse of the brand along with Peacocks, risking 4,700 jobs, as well as almost 500 shops.
As part of this deal, M&S will acquire Jaeger’s stock and certain other assets excluding the retailer’s 63 remaining stores. The deal should conclude later this month.
Jaeger operates 76 stores with the help of 347 employees prior to entering administration. However, it closed 13 locations and made 97 people redundant.
Specific details of the transaction remain unknown.
The BBC quoted M&S’s clothing and home division managing director Richard Price as saying: “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.”
Recently, the retailer selected technology company Namogoo to implement its online solution on its M&S website to streamline the customer experience.