High street giant Marks & Spencer is poised to snap up upmarket fashion brand Jaeger following the historic firm’s collapse last autumn.

M&S is understood to be in the final throes of sealing a deal to buy the fashion house, which has been worn by A-list stars – including Audrey Hepburn – and royals alike during its stellar 133-year history.

Jaeger was placed into administration alongside sister firm Peacocks in November by Dubai-based owner and retail billionaire Philip Day. Once known for its sumptuous cashmere, precisely cut dresses and covetable coats, Jaeger has struggled to win over modern fashion fans, despite Kate Middleton wearing it frequently on public outings. Jaeger earned its place in fashion history in 1919, when it introduced the camel hair coat to the British High Street and wooed the likes of Audrey Hepburn, Twiggy, Marianne Faithfull and Jean “the Shrimp” Shrimpton with its well-cut attire.