British heritage retailer Jaeger is set to trial standalone stores for its Boutique by Jaeger and Jaeger London stores as it reports flat sales of £85.5m for the year to February 28.
Jaeger reported a 16% increase in EBITDA to £7m for the year and added that the company was trading 12% ahead of last year since March 1.
Jaeger, which will launch its younger, lower priced Boutique by Jaeger sub-brand into stores in July, will also launch a Boutique by Jaeger pop-up-shop off Carnaby Street, London, for six months from September.
Jaeger’s group chief executive Belinda Earl said: “We’ll use that as a trial and will roll out standalone stores if it is successful.”
Jaeger also has plans to expand its Jaeger London sub-brand by 30% via presence in more of its stores as well as additional products within each category.
The retailer is looking to open up to five stores in London this year and is currently scouting for sites in Covent Garden, the City, the West End and Canary Wharf.
New stores in the capital will be fronted with a Jaeger London fascia and will carry a high proportion of Jaeger London product, as well as small amounts of Jaeger’s other sub-brands - Jaeger Collection, Jaeger Black, Jaeger by Jaeger and Jaeger Boutique.
Jaeger’s full-year performance was boosted by sales in its London-based stores as well as online sales. Its website accounted for 5% of sales in the year and delivered to 29 countries. The website is set to be relaunched in August with added functionality and additional product.
Continued store expansion also lifted Jaeger’s performance. The retailer opened two new stores in Liverpool and Milton Keynes and ten concessions in stores including Harvey Nichols. Jaeger now has 45 standalone stores.
In addition to further London stores, the retailer is looking for more sites in the Middle East and across Europe. Earl said: “We’ll have an international presence in 12 stores in 2010 and we’re looking to increase that by 50% in 2011.”
She added: “Continued investment in Jaeger has delivered improved profit performance, despite last year’s challenging economic environment, with current sales ahead by 12% on last year. The increase in Jaeger’s UK and international portfolio and the new online flagship store underpins our future growth.”