Jaeger and Austin Reed owner Edinburgh Wooden Mill (EWM) launches a new department store called Days

 
Shruti Tripathi Chopra
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Jaeger Of London - Runway LFW Spring/Summer 2011
Fashion chain Jaeger was snapped up by Edinburgh Woollen Mill earlier this year (Source: Getty)

Edinburgh Woollen Mill (EWM) – the retail giant that snapped up struggling brands Jaeger, Austin Reed and Jane Norman – has launched a chain of department stores.

Owned by retail billionaire Philip Day, EWM's first department store was launched in the Welsh town of Carmarthen last week.

Called Days, four more outlets of the department store chain are expected to launch across the UK this year. A further 50 store openings are on the cards.

The store will sell all retail brands owned by EWM under one roof which would likely cut costs by 40 per cent.

Day, who is known to be worth over £1bn, has built his business by buying retail chains out of administration.

Read more: Austin Reed to shut most of its stores and cut 1,000 jobs in rescue deal

Earlier this year, EWM snapped up Jaeger from private equity firm Better Capital after the business was put up for sale following a sales slump. Last year, the retailer snapped up men's clothing brand Austin Reed.

Day expects more brands to go under this year due to the fall in the value of the pound and rise in business rates.

“Sometimes, lots of things all come at the same time, and I think 2017 is going to be one of those years,” he said in an interview with the Sunday Times.

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