The owner of Edinburgh Woollen Mill has reportedly tabled a bid for UK high street fashion brand Jack Wills.
According to a report in The Times newspaper, Philip Day, owner of the Dubai-based investment vehicle Spectre Holdings, is continuing its acquisition spree and is understood to be competing with fashion brands Crew Clothing and Johan Eliasch, the billionaire behind sportswear brand Head, on the deal.
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Jack Wills reportedly appointed advisory firm KPMG to look at its future options earlier this month, including a potential sale, as it suffers from a downturn in trading.
Citing a statement from KPMG, The Guardian previously said: “[KPMG has been appointed] to carry out a review of the business and explore future opportunities. In the meantime, management remains focused on its strategy of new product development, improving margins and driving cost efficiencies, which is already reaping benefits.”
A spokesperson for Jack Wills said the company “declined to comment on speculation.”
Last week UK value women’s retailer Bonmarché Plc was taken private following its takeover by Spectre Holdings.
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By GlobalDataCommenting on Philip Day’s bid for Jack Wills, GlobalData associate retail analyst, Pippa Stephens, told just-style: “Philip Day doesn’t currently have any retailers targeting this demographic or sitting within the premium market in his portfolio, so he is obviously trying to embrace the opportunity to tap into this market.
“However, Jack Wills has lost relevance in the UK clothing market as its heavily branded products no longer appeal to 16-24 year olds who often prefer more aspirational brands or athleisure. Jack Wills would need a revamp to appeal to today’s consumers and with little experience within this market it will be a tough challenge for Day to take on.”
