Aquascutum has been sold to its Asian brand owner YGM Trading.
Hong-Kong based YGM Trading, which owns the Aquascutum brand in 42 countries across Asia, has taken control of the brand and assets including Aquascutum’s UK stores, concessions and head office operations. It will keep over 100 jobs.
YGM emerged as the frontrunner for the business after entering into an exclusivity agreement with administrator FRP Advisory on May 2.
Discussions are also taking place in relation to the concessions operated in Spain and Canada. Negotiations to secure a separate buyer for Aquascutum’s Corby factory continue. A sale is expected in the next two weeks.
James Eden, boss of menswear business Cooper & Stollbrand, which emerged as a bidder for Aquascutum and its Corby plant days after the British heritage business’ collapse, told Drapers last week he was “extremely disappointed” and “devastated” at being put out of the bidding race by YGM’s exclusivity.
Eden expressed concern that YGM would move Aquascutum production out of the UK but said he would still bid for the Corby plant. This will depend, though on YGM’s commitment to UK manufacturing, he said.
Andrew Chan, executive director and general manager, Aquascutum International and YGM Marketing, told Drapers he would “look to retain the business in the UK”.