Aquascutum finds a new buyer
Aquascutum looks set to be saved after YGM Trading, a Hong Kong-based company, made a move to buy the struggling fashion label. WWD reports that the company, which also owns French label Guy Laroche, will sign a contract next week to take ownership of the British heritage brand effectively rescuing the 161-year-old business.
Aquascutum entered into administration last month and quickly appointed FRP Advisory, Geoff Rowley and Phil Armstrong, to oversee the sale of the business. With this new acquisition, YGM Trading is expected to expand the brand further in the US and throughout Europe where it has the strongest presence and brand recognition.
"This is a serious trophy asset for YGM, a phenomenal purchase," said Kim Winser, who was chief executive officer of Aquascutum under its Japanese parent Renown. With China the next strong buyers of luxury and fashion it is no secret that "the Chinese want to have ownership of those brand names."
In 2009, BFC chairman Harold Tillman purchased the label and up until 2012 invested an estimated £30 million along with chairman Belinda Earl to help turn the company around. Unfortunately it wasn't enough to secure the business which collapsed under mounting debts and past financial difficulties. Could this be the new chapter for the label?