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YGM acquires Aquascutum for US$24m
By Emily Ford |
May 11, 2012, Friday
|
Online Edition
Online Edition
FAILED luxury label Aquascutum has been snapped up by YGM Trading, becoming the second prestigious British brand in as many weeks to be purchased by Chinese investors, it was announced yesterday.
The 161-year-old clothing brand, a favorite of the royal family, was sold for a mere US$24 million to Hong Kong-based YGM.
Aquascutum had been looking for a buyer since it fell into the hands of administrators in April. The deal includes its UK stores and will save around 100 jobs, the company said.
It is still in talks over whether to sell a factory site in Corby in the UK and concessions in Canada and Spain.
"We are delighted to announce the sale of Aquascutum, safeguarding the jobs of over 100 employees and the presence of the iconic Aquascutum brand in the United Kingdom," said Geoff Rowley, joint administrator.
"We hope that under new ownership the Aquascutum brand and business will have the best opportunity of success and growth both in the UK and worldwide."
Aquascutum has suffered a protracted decline in recent years weighed down by heavy losses, unlike fellow British luxury brands Mulberry and Burberry, which have risen from strength to strength.
Aquascutum was hampered by a decision in 2009 to sell the royalty rights to expand in Asia, the world's hottest market for luxury goods, to YGM.
Queen Elizabeth, former UK Prime Minister Winston Churchill and actor Humphrey Bogart have worn clothes made by the label.
Last week Shanghai company Bright Food bought a controlling stake in Weetabix, a British cereal brand, from British private equity firm Lion Capital.
The 161-year-old clothing brand, a favorite of the royal family, was sold for a mere US$24 million to Hong Kong-based YGM.
Aquascutum had been looking for a buyer since it fell into the hands of administrators in April. The deal includes its UK stores and will save around 100 jobs, the company said.
It is still in talks over whether to sell a factory site in Corby in the UK and concessions in Canada and Spain.
"We are delighted to announce the sale of Aquascutum, safeguarding the jobs of over 100 employees and the presence of the iconic Aquascutum brand in the United Kingdom," said Geoff Rowley, joint administrator.
"We hope that under new ownership the Aquascutum brand and business will have the best opportunity of success and growth both in the UK and worldwide."
Aquascutum has suffered a protracted decline in recent years weighed down by heavy losses, unlike fellow British luxury brands Mulberry and Burberry, which have risen from strength to strength.
Aquascutum was hampered by a decision in 2009 to sell the royalty rights to expand in Asia, the world's hottest market for luxury goods, to YGM.
Queen Elizabeth, former UK Prime Minister Winston Churchill and actor Humphrey Bogart have worn clothes made by the label.
Last week Shanghai company Bright Food bought a controlling stake in Weetabix, a British cereal brand, from British private equity firm Lion Capital.
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