The new chief executive of Aquascutum Tim Dally has vowed to rebuild the brand as a design-led business driven out of London.
Aquascutum’s Asian brand owner YGM bought the British luxury heritage business out of administration in a £15m deal last week (May 10), acquiring its three high street stores, 16 concessions and its head office operations, thereby preserving 100 jobs. Negotiations over its former Corby plant are ongoing.
Aquascutum in the UK has been renamed Aquascutum 1851. YGM also bought TPD Holdings – which held the licence for Aquascutum golfwear - and will integrate the two teams. Existing licensing agreements with Renown for Japan and with Itierre for Europe will remain in place.
Speaking exclusively to Drapers, Dally said Aquascutum’s global design will be driven out of London, using UK manufacturing “wherever possible”.
“YGM now owns the global IP, so between the three major players – it, Renown and us – Aquascutum will be driven to its rightful place. There will be a uniform view of design and strategically the brand will be driven from London. Aquascutum is the oldest British luxury brand. We need to maintain that,” said Dally.
The aim is to set up London offices with global design capabilities and a showroom for buyers to speak directly to designers. Among the most pressing matters, according to Dally, is securing its existing retail presence and renegotiating leaseholds for the business’s retail sites.