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Philip Day adds Calvetron Brands to portfolio

Philip Day, the owner of Edinburgh Woollen Mill Group, has added Calvetron Brands to its portfolio, which also includes Austin Reed and Jaeger.

Day has acquired Calvetron Brands labels, which include Jacques Vert, Eastex and Windsmoor, from administrator Duff & Phelps.

Last month, Benjamin Wiles, Trevor Birch and Philip Duffy of Duff & Phelps announced they were serving notice on the remaining Jacques Vert and Precis concessions in the UK, Ireland and Canada after they failed to find a buyer, resulting in 500 retail redundancies.

The job losses followed the announcement in June of the planned closure of 102 concessions, affecting 445 employees.

Calvetron Brands employed a total of 1,408 people – 997 in the UK, 155 in Ireland and 256 in Canada – when administrators were appointed on 4 May.

Wiles said: “Calvetron Brands has faced the perfect storm of extremely difficult trading conditions on the high street, rising costs and low customer confidence, all of which hindered our ability to secure a buyer.”

Day has also been linked to a rescue deal at House of Fraser, which is urgently seeking funding after the Chinese owner of Hamleys said it would no longer be investing £70m in the department store chain.

The acquisition of the Calvetron portfolio of brands will add more weight to Day’s department store concept, Days Department Store, the first branch of which opened in Carmarthen last May.

A spokesman for Edinburgh Woollen Mill declined to comment. Drapers has contacted Duff & Phelps for comment.

 

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