The Jaeger chairman may have sold most of his stake in the business and seen Aquascutum collapse, but he is no stranger to bouncing back.

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Harold Tillman is a name synonymous with British fashion at its most stylish. But last week the stitching began to unravel as the self-made man known for cutting the sharpest suits sold the majority of his 70% Jaeger stake to Better Capital, a day before his other business Aquascutum called in the administrators.

Within the space of two days, Tillman’s hold on the premium fashion world has weakened considerably. He now owns just a 10% stake in Jaeger –although he remains chairman – while he lost his handle on Aquascutum completely after failing to find a buyer for the business when it was put up for sale at the beginning of the month.

The man himself has gone to ground amid the news. “I’ll think he’ll be gutted,” says close friend and UK Fashion & Textile Association chairman Peter Lucas. “He thinks an awful lot about the people that work for and supply him.”

It is understood Tillman sold Jaeger to try to protect it from the fallout from the collapse of Aquascutum, into which he had ploughed £30m after buying it in 2009.

But it is not the first time he has fallen from fashion heights – there was the collapse in 1990 of his Honorbilt apparel business, which he bought from Austin Reed. Its demise was so controversial that Tillman ended up banned as a director for a period.

Tillman said: “It was a very, very bitter lesson. It was a reckoning of the mind. It taught me that I don’t walk on water.”

Once he was free from the constraints of the ban Tillman built himself up again through deals. He bought and sold Yves Saint Laurent distributor Marchpole, as well as suit supplier BMB – which he owned equally with Lucas – and eventually Jaeger, which he bought into in 2003.

Lucas remains firm: “He is a great retailer. You can’t be around this industry for the length of time as Harold without being good at what you do.”

Tillman’s CBE, which he was awarded in 2010 for services to the fashion industry, reflects this, as well as his chairmanship of the British Fashion Council, which he has headed since 2008. He is credited for attracting big names such as Burberry back to London catwalks.

With his hands full at the British Fashion Council, Tillman has learned to delegate well. Lucas says: “He is not a hands-on leader. He picks his people well and allows them to do the job they are employed to do. But he certainly knows what is going on.”

An example of Tillman employing the right people can be found in his hiring of Paul Smith when he worked at Lincroft Kilgour. Tillman has been credited with launching Smith’s career, which has seen him rise to a retail icon and brand in his own right.

Tillman is understood to be a spiky character at times, and not everyone finds him agreeable. When giving a newspaper interview he once said: “Sometimes I look at people in a meeting and I think, ‘You must have looked in a mirror this morning – how could you have left your house like that?’”

But Lucas defends him, saying: “He’s not dictatorial, he’s a very calm, very considered businessman. He is absolutely charming, very pleasant, very easy-going.”

Lucas does not believe Aquascutum’s failure reflects badly on Tillman’s business skills. “The past two to three years have been the most difficult trading environment any of us have ever seen,” he insists.

Tillman also bought Allders’ flagship Croydon store in 2005 but his interests don’t lie just in retail. He set up the first American-style cocktail bar in London after visiting bars in New York on a business trip in 1978. Since then he has opened more than a dozen restaurants and cocktail bars, creating First Restaurant Group with his son Mitchell.

Tillman’s daughter, Meredith, also works for the group.

Tillman is now likely to concentrate on this business, but he will also have more time to enjoy his classic car collection – an indulgence he attributes to his “rags to riches story”. He will also have more time to let off some steam with a game of tennis or golf, which he enjoys in his spare time.

Despite Tillman’s 66 years, Lucas chuckles at the thought he might opt for a quieter life. He says: “I don’t think he knows what the word ‘retirement’ means, so I’m sure we haven’t heard the last of Harold Tillman.”

Career history

2012 Aquascutum collapses. Cuts stake in Jaeger from 70% to 10%

2009 Majority shareholder and chairman, Aquascutum

2008 Chairman, British Fashion Council

2008 Chairman and investor, First Restaurant Group

2003 Majority shareholder and chairman, Jaeger

Pre-2000 He invested in many ventures including restaurant business BMB Group, YSL distributor Marchpole and apparel business Honorbilt