Jaeger dressed royalty for 133 years — then private equity dressed it in debt

Jaeger was founded in 1884 by Lewis Tomalin, capitalizing on German hygienist Dr Gustav Jaeger's theories about natural animal fibres. By the early 20th century, it had become one of Britain's most distinguished clothing brands, earning a Royal Warrant by 1910. The company invented the camel hair coat, pioneered cashmere and alpaca knitwear, and dressed Audrey Hepburn and Marilyn Monroe. Its flagship Regent Street store was a London institution.

The trouble began in 2012 when Harold Tillman sold Jaeger to Better Capital, a private equity firm, for £19.5 million. Better Capital loaded the company with debt and extracted management fees. Five years later, in April 2017, Jaeger entered administration. Philip Day's Edinburgh Woollen Mill bought the brand out of administration — but not the company, leaving 700 staff with uncertain futures and suppliers unpaid.

The second rescue was even shorter. In November 2020, Jaeger entered administration again. This time, in January 2021, Marks & Spencer acquired only the Jaeger brand name — not the 63 shops, not the 13 concessions, not the employees — for £5 million. The stores never reopened. The jobs were gone. Jaeger, which had dressed British royalty and Hollywood stars for 133 years, became a label on an M&S rail.