Jaeger and Aquascutum chairman Harold Tillman has hit back at recent national press coverage of the company’s financial results as “misleading”.
The group’s annual results for the year ending February 28, 2011 were received badly by most of the mainstream media, which picked up on a £1.4m drop in pre-tax profit.
However, Tillman told Drapers the underlying business remained on track and profitable, with the fall in profits accounted for by some exceptional one-off costs.
He cited the ending of Jaeger’s Japanese licensing deal, worth £1m annually, as one of the key factors. “The licence restricted us going into other territories in Asia. We are negotiating with a number of parties on a new agreement,” said Tillman.
The year since February 2011 had been “tough” and Tillman said “that would show in the next results” to the end of February 2012, but he was confident about the group’s future.
He added that chief executive Belinda Earl had not been in the business since November due to ill health and had now decided to step down to concentrate on her recovery. She will remain a non-executive director and Tillman will resume the executive leadership, with brand and supply chain director Carolyn Springett stepping up as managing director of Jaeger.