Premium retailer Jaeger has unveiled plans to trial standalone stores for its Boutique by Jaeger and Jaeger London sub-brands after it reported 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 had traded 12% ahead since the year end.
The retailer plans to launch up to five stores in London this year and is 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 will launch its younger, lower-priced Boutique by Jaeger sub-brand into stores in July and a Boutique by Jaeger pop-up shop off Carnaby Street in London for six months from September.
Jaeger group chief executive Belinda Earl said: “We’ll use that as a trial and will roll out standalone stores if it is successful.”
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 10 concessions in stores including Harvey Nichols. Jaeger now has 45 standalone stores.
As well as further London stores, the retailer wants more sites in the Middle East and Europe. Earl said: “We’ll have 12 international 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. The increase in Jaeger’s UK and international portfolio and the new online flagship store underpins our future growth.”