The luxury fashion brand Jaeger's profits fell last year by nearly two-thirds after it was hit by the downturn on the UK high street and the end of a Japanese contract.
The retailer, controlled by its chairman Harold Tillman, has more than 50 shops and nearly 70 concessions in the UK, as well as operations in five countries overseas. Pre-tax profits tumbled by 65 per cent to £772,000 for the year to 28 February 2011, on turnover up 10 per cent to £93.9m, according to accounts filed at Companies House. But stripping out the impact of the loss of £1m royalties from the termination of its Japanese licence agreement, Jaeger actually grew its underlying profit marginally to £6.2m.
Since the year end in February, Mr Tillman said: "The London market has been very positive. Outside of London certain parts of the country have been strong but overall it has been challenging." Mr Tillman failed to sell Jaeger early last year after he appointed advisers at Rothschild.