The acquisition will see iconic British retailer Marks & Spencer take on the Jaeger brand, but not their shops or concessions.
Jaeger fell into administration last November which saw the closures of 13 stores and the loss of more than 120 jobs across stores, head office and distribution. Marks and Spencer has now purchased the brand, as it compliments their existing offer and hopes to boost their sales.
Richard Prince, Managing Director of M&S Clothing and Home, commented: “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 are in the final stages of agreeing the purchase of product and supporting marketing assets from the administrators of Jaeger Retail Limited.”
It has not yet been made clear if any Jaeger jobs will be saved in the acquisition. The deal is expected to be fully completed by the end of the month.
