Former Aurora Fashions president Stewart Binnie has taken up a full-time strategic role at Jaeger, Drapers can reveal.
Binnie, who spent 10 years on the board of Mosaic Fashions, which then became Aurora, has been drafted in via Jaeger’s new owner Better Capital to implement a turnaround plan for the business, after it was bought by the investment vehicle in April.
He is working alongside Jaeger’s current board, including managing director Carolyn Springett and finance director Graham Edgerton, on “strategic and development issues”, according to Jaeger.
British Fashion Council chairman Harold Tillman had a 70% share in fashion group Jaeger until it was bought by Jon Moulton’s turnaround firm Better Capital, after months of speculation about the retailer’s performance. The firm acquired 90% of the business, while Tillman retained a 10% share, remaining as chairman.
Jaeger made pre-tax profits of £772,000 in the year to February 28 2011 - down from £2.22m in the previous year - due in part to the end of a Japanese licensing agreement. The business had also been financially burdened by former sister company Aquascutum, which went into administration the day after Better Capital bought Jaeger.
Binnie has a strong track record in private equity investment and the leadership of private equity backed businesses. He was the chairman of Mosaic, the holding company of Oasis, Coast, Karen Millen and Whistles and the non-executive president of Aurora, its successor company, which by then included Warehouse. He stepped down from Aurora last month.
He was the chairman of Lipsy prior to its sale to Next plc and was appointed by a syndicate of banks to attempt a rescue of Jane Norman in 2011. His current private equity activities include the chairmanship of the Schroder Ventures Asia Pacific Fund and membership of the investment committee of the Schroders Private Equity Fund of Funds.