Marks & Spencer (M&S) is set to buy fashion brand Jaeger, which went into administration last year, as early as this week.
A source close to Edinburgh Woollen Mill Group (EWM), owner of the brand, said that the buyout was “imminent,” Sky News reported.
The source also said that many of the clothing group’s other assets were unlikely to be saved.
Like many other clothing retailers, including TopShop and Debenhams, Jaeger struggled to stay afloat with the impact of coronavirus restrictions and lockdowns last year.
Peacocks, another brand owned by billionaire Philip Day’s EWM group, went into administration in November.
M&S also felt the impact of the pandemic, seeing its first loss in 94 years as a public company in 2020.
The move is part of M&S’ wider plan to take on third-party clothing and home brands for both its stores and websites.
M&S declined to comment on the transaction.
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Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
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