Licensing group Ittierre has extended its agreement with British heritage brand Aquascutum from five to 30 years following the brand’s acquisition by YGM Trading.
According to Ittierre general manager Alessandro Locatelli, the terms of the licence remain the same as before the brand’s administration. It covers all of Continental Europe, Eastern Europe and the Middle East, excluding the UK, but the length of the licence has been dramatically extended.
“We are very satisfied about the new picture for Aquascutum with YGM,” he said. “We have just extended the partnership and we are very happy to work together with YGM as a unique partner and a unique brand owner.”
Hong Kong-based YGM Trading, which owned the Aquascutum brand in 42 countries across Asia, took control of the full brand and assets, including its UK stores, concessions and head office operations, on May 2 after the business fell into administration in April citing tough trading conditions.
Ittierre added that it is performing well and on target in the current financial year, despite difficult European market conditions. It expects to achieve turnover of €190m (£152.7m) for the 2012 full year.