UK: Jaeger eyes global markets on FY earnings hike
- Annual earnings up 16% to GBP7m
- Sales remained flat at GBP85.5m
- Future focus on international markets, online
Luxury British fashion firm Jaeger Group Ltd is planning "significant" international expansion after booking a 16% jump in annual earnings.
The 126-year old brand said its focus would be on key international markets such as Europe, Middle East and North America - including openings in retailers like Galeries Lafayette, Nordstrom and Ogilvy.
It also aims to underpin its future growth with a new online store, which will be launched in the autumn, and a new women's wear range called Boutique by Jaeger which will target younger shoppers.
The plans were unveiled as Jaeger reported underlying earnings of GBP7m (US$10m) in the year to 28 February, up from GBP6m the year before.
While sales remained flat at GBP85.5m, the group said revenues had risen 12% since the year-end.
"Continued investment in Jaeger has delivered improved profit performance, despite last year's challenging economic environment," said group chief executive Belinda Earl.
"The increase in Jaeger's UK and international portfolio and the new online Flagship store underpins our future growth.
"In addition, our existing customers will have more choice through the expansion of Jaeger London - increasing both the product range and the number of stores in which it is available and we will be appealing to new customers through the launch of Boutique by Jaeger, in autumn 2010."
Fashion contributes more than GBP37bn (US$58bn) to the UK economy, according to new research commissioned by the British Fashion Council (BFC)....
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