New top executive at Jaeger has assured that the group now has a new “clear strategy”, based on the core Jaeger heritage brand to move away from its unprofitable sub-brands. He also said it will turn its focus on the customer and design to drive growth.
Jaeger has reduced by half its after tax losses from 35.5 million pounds to 13.1 million for the year ended February 23. Losses at the fashion retailer decreased by 63 percent despite sales fell 17 percent to 70.7 million pounds. Gross profit has been cut by 17 percent to 40.9 million pounds.
“We are pleased by the early signs of an economic uplift and our Autumn/Winter collection has performed better than previous seasons,” Jaeger chief executive Colin Henry, who joined the retailer in July, said. Henry coined the year to have been “challenging” for the business although he stressed that the current trading environment was more positive.
This is the first time that the fashion retailer reports financial results after being acquired in April 2012 by Jon Moulton’s private investment vehicle Better Capital.
“The change of ownership has provided a sound financial base for the business and enabled investment. In terms of current trading, we are pleased by the early signs of an economic uplift, and our Autumn/Winter collection has performed better than previous seasons,” summarised the current situation at the retailer its CEO.
Jaeger starts recovery on new strategic plan
“Going forward we will focus solely on the core Jaeger heritage brand and return to being a consumer centric and design lead organisation whilst moving away from the unprofitable sub-brands.”