Renown has parachuted Yukio Ueda in to Aquascutum as managing director, while its Chinese distributor YGM Trading confirmed it had not entered a formal agreement to buy the brand.
Ueda was an executive officer at Aquascutum’s owner, Japanese manufacturer Renown. His appointment follows the departure of chief executive Kim Winser last week.
Ueda said that Aquascutum was currently undergoing a review of its structure internally, but added: “In the meantime business continues as usual.”
The future of the brand remains unclear after YGM, which distributes the brand in Asia, said that apart from signing a letter of intent in relation to a potential bid, no formal agreement to buy the brand had been entered into.
Winser left Aquascutum at the end of last week after her management buyout bid for the business was rejected by Renown.