Fashion entrepreneur Harold Tillman has sold off his majority stake in Jaeger. He purchased stake in the brand about eight years ago. He sold it to Better Capital who stated that it received all of the secured debt and about 90% of the equity in the brand for approximately £19.5m.
The formal announcement that the stake had switched hands came after a few weeks of speculation from industry insiders that Tillman was looking to unload Jaegar as it was suffering from the poor conditions that have plagued the high street of the UK.
Another fashion brand owned by Tillman, Aquascutum, has only been placed up for sale. Tillman was able to take Jaegar from a classic clothing brand to a trendy brand that went international and created a younger brand in order to get items on the market geared towards those who enjoy clothing similar to Reiss and Marc.
Tillman then purchased Aquascutum and attempted to also redesign and develop the clothing brand. Unfortunately, he did not purchase the licenses to Aquascutum in Asia which meant that he was left footing the costs for most of the business development including marketing, design, and more.
Despite his development of the Jaegar brand, the economic downfall that hit high street hit the brand also causing its profits to drop by almost 66% over the course of last year. In 2011 Tillman first attempted to sell off Jaegar but did not find any buyers.