Troubled Jaeger hunts for backer or buyer

Struggling fashion chain Jaeger is on the hunt for fresh investment or a potential buyer.

It and owner Better Capital are working with the corporate finance arm of Alix Partners to suss out interest from possible strategic partners or acquirers.

Jaeger’s chief executive Chris Horobin, installed by Better Capital in 2015 to turn the chain around, said the move was part of a long-range plan for the business.

“Better Capital was supportive of the plan but along with us feel now is the time to bring in a strategic partner to help develop it or find new owners.”

Horobin, who previously ran shopping channel QVC in Japan, is hoping for a tie-up that can help Jaeger expand internationally and bolster its licensing capabilities.

He does not anticipate any other major changes, claiming the business’s recent revamp, including a major rebranding, a move away from discounting and store closures, has already yielded success. A new Marylebone branch has proved “hugely successful”, Horobin added.

In the nine weeks to January 31, sales in Jaeger stores open for more than a year rose 9%. Online sales were up 22%.

But the 131-year-old clothing brand, which lost its way after a shift to cheaper fabrics alienated its core middle-aged customer, still has a long way to go. It is expected to perform similarly to last year, when it made an operating loss of £6.6 million.