Marks & Spencer today confirmed it has bought fashion brand Jaeger, which collapsed into administration last year.
The retailer has agreed to take over the Jaeger brand, and is finalising terms to buy up stock and marketing assets.
The deal will not include any stores, and it is unclear whether any jobs will be saved.
The buyout is in line with Marks & Spencer’s third-party brand strategy, which has seen it offer additional products online in a bid to boost trading.
It has begun stocking clothing from children’s brand Nobody’s Child, as well as products from Ghost and Early Learning Centre.
“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,” said Richard Price, managing director of M&S clothing & home.
“In line with this, we have bought the Jaeger brand and are in the final stages of agreeing the purchase of product and supporting marketing assets from the administrators of Jaeger Retail Limited.”
The deal is expected to complete later this month.
Jaeger fell into administration in November alongside Peacocks after owner Edinburgh Woollen Mill Group, led by retail tycoon Philip Day, failed to find a buyer.
EWM Group blamed the collapse, which came shortly after England was plunged into its second national lockdown, on the pandemic.
Jaeger has already axed more than 100 jobs and shuttered 13 stores as a result of the administration.