Jaeger eyes expansion after earnings hike

Luxury fashion brand Jaeger today said it wanted to increase its international footprint further as it reported a 16% rise in annual earnings.

The 126-year old chain outlined plans for “significant” expansion in key international markets, while it also wants to launch a new online offering in the autumn.

Jaeger reported underlying earnings of £7m (€8.2m) in the year to February 28, despite sales remaining flat at £85.5m (€100m).

But it said the group had seen a pick up in sales since the year-end, up 12% on a year ago.

Jaeger now has 45 UK stores and the label is carried in a number of stores in Ireland, including Arnotts and Richard Alan.

Belinda Earl, group chief executive of Jaeger, said: “Continued investment in Jaeger has delivered improved profit performance, despite last year’s challenging economic environment.”

She added the increase in Jaeger’s UK and international portfolios and the new online store “underpins our future growth”.

The firm plans to open further stores across Europe, Middle East and North America, with openings scheduled within the Nordstrom department store in the US and a second outlet in Dubai.

It is also launching a new womenswear range aimed at younger shoppers in the autumn, called Boutique by Jaeger.

Jaeger is owned by fashion entrepreneur and Allders department chain head Harold Tillman, who also snapped up iconic fashion brand Aquascutum last September.

He bought Jaeger seven years ago after a troubled time for the group, which saw the firm slump into the red with losses of £13m (€15.3m) in 2003.

He appointed Ms Earl – the former chief executive of Debenhams – soon after taking over the firm and the duo have since helped revive its fortunes, branching out into new areas, such as accessories and fragrance.

They also launched the brand online to broaden its customer base and today said the website accounts for 5% of total sales, delivering to 29 countries.