Aquascutum has put its entire workforce into consultation, fuelling speculation about the future of the luxury heritage brand.
Aquascutum said in a statement that following a review of the business, incoming managing director Yukio Ueda, had announced the start of a consultation period with the brand’s entire 343-strong workforce this morning.
Chinese clothing group YGM Trading emerged as a potential bidder for the Aquascutum business last month, following the sudden departure of the luxury brand’s chief executive Kim Winser, who left the business two weeks ago after a failed attempt at a management buyout.
Aquascutum added that details of the consultation would “not be clarified” until it had confirmed whether YGM Trading would be “pursuing their purchase of the business”.
Aquascutum declined to comment on what would happen to the business if YGM Trading did not proceed with a bid.
The first consultation meeting will be held towards the end of June.