Marks and Spencer buys upmarket fashion brand Jaeger

Marks and Spencer has bought upmarket fashion brand Jaeger out of administration in a £5m deal.

The High Street giant is taking on the Jaeger brand and stock which it will sell in M&S stores and online.

The deal is M&S's first fashion acquisition since it bought Per Una from designer George Davies for £125m in 2004.

Jaeger was founded in 1884 – the same year as M&S – on the principles of Dr Gustav Jaeger.

In November M&S posted a pre-tax loss of £87.6m for the first time in its history.