FASHION retailer Jaeger yesterday reported that its five-year revival plan was beginning to bear fruit as it announced massively improved annual sales and reduced losses.
Owned by John Moulton’s Better Capital, Jaeger generated a 12 per cent rise in sales to £79.4m in the year to 1 March. Like-for-likes grew 10 per cent, while pre-tax losses fell to £9.9m from £12.6m the previous year.
Jaeger is a year into a five-year revival strategy, designed to refocus on its British heritage and rebuild its brand appeal through reintroducing quality fabrics, investing online and revamping stores.
Last year, online sales climbed 16 per cent and Jaeger unveiled a new-model store on King’s Road, Chelsea.
Sales at the King’s Road branch have risen by 24 per cent since its revamp, and the look will be replicated in new stores this year, including one that opened in Belfast yesterday.
Jaeger chief executive Colin Henry said: “Whilst the economic environment remains challenging and disposable income is under pressure, we have a strong and focused team in place which is committed to refocusing the business on our core UK customer base.”
Moulton said: “We continue to be supportive of the business, having invested a further £16m since the year end.”