Aquascutum sold for £15 million
It is very good news more than at the Aquascutum camp. The British heritage label has been saved from ruin immediately after it was sold for £15 million to Hong Kong organization YGM Trading Restricted. All UK shops, concessions, and head office operations have been sold as component of the deal. Administrators are still in negotiations more than the purchase of the brand’s Corby-based factory.
“We are delighted to announce the sale of Aquascutum, safeguarding the jobs of more than 100 employees and the presence of the iconic Aquascutum brand in the United Kingdom,” Geoff Rowley, joint administrator at FRP Advisory, mentioned. “We hope that, under new ownership, the Aquascutum brand and company will have the greatest chance of achievement and growth – each in the UK and worldwide.”
Aquascutum announced it had gone into administration in mid-April. In a statement the 161-year-old label stated “difficult situations in the UK,” have “regrettably meant that the team have been unable to effectively turn the organization about.”
“This is a critical trophy asset for YGM, a phenomenal obtain,” stated Kim Winser, who was chief executive officer of Aquascutum under its Japanese parent Renown. With China the next sturdy purchasers of luxury and fashion it is no secret that “the Chinese want to have ownership of those brand names.”