A Hong Kong company said it has agreed to buy the business and assets of troubled British luxury clothing maker Aquascutum for £15 million ($24.2 million). YGM Trading told the Hong Kong stock exchange late Thursday that the acquisition was based on the "substantial value" of the more than 160-year-old icon of British high-end fashion, which entered administration last month. They have sold the brand and assets including UK stores, concessions and the head office, preserving 100 jobs.
Aquascutum is known for its trademark plaid or Club Check colours worn by politicians and royals throughout the turn of the century. Aquascutum was established in 1851, the year of the Great Exhibition, when tailor and entrepreneur John Emary opened a high quality menswear shop at 46 Regent Street. In 1853, after succeeding to produce the first waterproof wool, he had his discovery patented and renamed the company ‘Aquascutum’, Latin for ‘watershield’.
"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 joint administrator Geoff Rowley.
Chinese fashion firm YGM Trading has owned Aquascutum's brand licence for Asian markets since 2009. Aquascutum, which is known for trench coats worn by Winston Churchill and Greta Garbo, said in April that it had entered administration due to "challenging conditions" in Britain. YGM shares were 1.13 percent higher at HK$19.7 on Friday morning.
