HK firm buys British luxury clothing brand
Updated: 2012-05-11 11:08
LONDON - Hong Kong-listed YGM Trading has bought the British luxury clothing brand Aquascutum, which entered administration last month after registering 24 million pounds ($38.66 million) loss in the previous year, local media reported on Thursday.
Aquascutum, the 160-year-old British clothing retailer, had collapsed into administration, jeopardizing 250 jobs.
Aquascutum's administrators announced Thursday the completion of the sale, saying "We are delighted to announce the sale of Aquascutum, safeguarding the jobs of over 100 employees and the presence of the iconic Aquascutum brand."
They have sold the brand and assets including Britain's stores, concessions and the head office.
Geoff Rowley, joint administrator at FRP Advisory, said "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."
The administrators are continuing to talk to parties interested in acquiring the company's Corby-based factory, which they hope to sell within the next two weeks.
Discussions are also taking place in relation to the concessions operated in Spain and Canada, according to the company.
This is the second acquisition of a British brand by a Chinese company this month. China's Bright Food Group agreed on May 3 to gain controlling share of British well-known breakfast cereal producer Weetabix by buying a 60 percent stake in Weetabix.
The Hong Kong-based YGM boasts an extensive retail network with over 800 outlets worldwide and also distributes men's and ladies' wear under brands including Michel Rene, Guy Larcohe, Charles Jourdan, Ashworth, and J. Lindeberg.