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Fashion retailer Jaeger Group swings back into profit

31
Dec '05
Fashion retailer Jaeger Group Ltd reported its first profit since it was acquired by British entrepreneur Harold Tillman almost three years ago and is considering a public offering next year.

The London-based company made an operating profit of £1.7 million in the year ended 26 February 2005 after an operating loss of £3.1 million in the previous year, according to The Times reported on its website, citing a filing with British companies register Companies House. The group turnover dropped 2.6 percent to £57.6 million.

The company had a 'phenomenal' Christmas holiday sales and is likely to have significant profits in the current financial year.

Tillman informed that sales for the first ten months to December, excluding store openings and closures, were up 11 percent.

Harold Tillman bought Jaeger Group in early 2003 only two months after British textiles group Coats had sold it to British investment company Riverhawk Investments.

The former boss of British department store group Debenhams, who was hired in spring 2004, is reorganizing the group under Belinda Earl.

“As part of a five-year restructuring plan, Jaeger has closed under performing stores and concessions and presently operates 104 stores in the UK. Dependent on its progress, the company could go public in late 2006,” Tillmann added.

The group is also looking for the international expansion targeting new markets like Japan, Korea and the US.

Jaeger Group, at the start of 21st century, is now focusing on making beautiful, elegant clothing and accessories.

It's the unique fusion of style, elegance and British luxury that gives the Jaeger collections their unmistakable identity and it is Jaeger's ability to cross borders, and create internationally recognized clothing and accessories that injects modernity and relevance into the brand.


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