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Mike Ashley’s Frasers Group is reportedly considering the acquisition of “heritage” fashion brands Jaeger, Austin Reed and Jacques Vert from Edinburgh Woolen Mill (EWM) Group, according to The Sunday Times.
Phillip Day’s retail group has struggled in recent months, shutting down 50 stores last week, as part of its administration process.
Day developed EWM by purchasing businesses out of administration, acquiring Austin Reed in 2016, Jaeger in 2017 and Jacques Vert in 2018.
The group, which employs more than 20,000 staff members, has been particularly impacted by the pandemic as its business usually caters to older customers, who are reluctant to shop in-store at the moment and do not regularly purchase online.
Last week, the group was granted an extension of its notice to appoint administrators to give it more time to secure a deal with a US hedge fund to take a stake in its Peacocks store chain.
A number of potential buyers are circling EMW’s brands including Frasers, TM Lewin owner Torque Brands and Jaeger’s former owner Harold Tillman.
The group has reportedly provided buyers with the option of bidding for the brands individually or as a group with offers to be made within the next week.
