Jaeger set for expansion as underlying profit up 45%

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Fashion chain Jaeger, which has a major base in King's Lynn, said yesterday its sights were set on expansion at home and abroad as it unveiled a 45pc rise in underlying earnings.

Jaeger plans to double overseas stores and launch new lines in the UK under a revival strategy designed to cement the group’s position as a luxury British brand.

The revamp saw earnings leap to £5m in the year to the end of February from £3.5m the previous year, marking a turnaround in fortunes for the group which was making losses of more than £13m just four years ago. Sales in the past year also rose, up 22% to £70.6m, although more than half of the uplift was due to store expansion.

Jaeger opened 26 new stores since the beginning of last year, 10 of which were launched in the past few months alone. The group, owned by fashion entrepreneur and Allders department chain head Harold Tillman.

It is now aiming to open another 40 stores worldwide over the next eight months, in locations across the United States, south Asia and Australia.

The group is also launching its Jaeger London fragrance later in the year and will continue its store refurbishment programme, with another 16% of stores set to be revamped throughout 2007 and 2008.
 

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