The troubled luxury British clothing brand spurred on by mobile and tablet sales, WGSN Global News Editor Nigel Taylor reports
It’s a tough time for Jaeger; the UK-based fashion retailer failed to turnaround last year’s losses despite a strong rise in sales.
The Better Capital-owned brand reported a pre-tax loss in the year to February 28 were £15.4m, down just £0.4m from the previous year.
Total sales increased 6% to £84.2m, while comps jumped 8%. Online sales leapt 42% thanks to mobile and tablet sales, which now account for 36% of online sales.
The group blamed last autumn’s mild weather, which led to more and deeper promotions, hitting gross margins by 2%.
Total womenswear sales increased 4% as a 20% rise in outerwear and knitwear, up 9%, offset a 15% decline in dresses.
At the end of the summer Better Capital hired advisers at AlixPartners to explore options, including a sale. It is also preparing to depart its London, Regent Street flagship next year after 80 years.
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