Marks & Spencer discussed a possible purchase agreement for the British fashion label Jaeger a few days before the company's administration collapse
Marks & Spencer are still in "informal" talks to take over the British fashion company Jaeger
Marks & Spencer discussed a possible purchase agreement for the British fashion label Jaeger a few days before the collapse of the company on Thursday.
The high street giant's executive director Steve Rowe is believed to have taken a lead role in M & S's review of the deal, which would be part of a major overhaul of the company's apparel strategy.
It follows revelations in The Mail on Sunday last week that M&S had "informal" conversations with Jaeger's former owner Philip Day earlier this month.
Sources said the talks continued but no offer had been made. A deal could include an acquisition of the Jaeger brand and team. The future of business is unclear.
One fashion veteran said, “If M&S is serious about this, it has to be done right. Use this to turn a curve and start the M&S clothing revolution it calls for.
"Bring a top designer or someone who means something to M&S customers – another Twiggy."
Jaeger is run by Lauren Day, the daughter of Philip Day, who is reportedly working to salvage parts of his Edinburgh Woolen Mill empire, which owned Jaeger, Austin Reed, Peacocks and Ponden Home.
Sportswear mogul Mike Ashley and M & S rival Next are also interested in Jaeger.
M&S and Philip Day declined to comment.