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06 Jan 2021 | 07:55

M&S close to buying Jaeger - report

(Sharecast News) - Marks & Spencer is reported to be close to buying Jaeger, the loss-making fashion brand hit by the Covid-19 crisis. M&S is likely to buy Jaeger's brand and stock but not its stores, Sky News said. The FTSE 250 could announce the purchase this week, Sky said.

The 137-year-old brand was part of the clothing empire owned by Philip Day, who appointed administrators for his Edinburgh Woolen Mill group in November. The company said the second wave of Covid-19 had disrupted trading and damaged supplier confidence in its prospects.

Buying Jaeger would fit M&S boss Steve Rowe's plan to sell third-party brands that appeal to M&S's shoppers, Sky said. M&S has announced collaborations with Ghost, the cult dress brand, for limited edition collections; Nobody's Child, a sustainable fashion brand; and Early Learning Centre.

A source close to Day told Sky a deal with M&S was "imminent" but that many of his former assets were less likely to be salvaged.
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