Hong Kong co seeks Aquascutum
YGM Trading, a Hong Kong-based marketer and builder of international apparel brands in Asia, is in talks to acquire global brand rights of British fashion house Aquascutum.
YGM Trading, which has held the Asian Territories rights for Aquascutum since 2009, sees an opportunity for expanding its rights outside Asia now that the British brand has collapsed into administration. FRP Advisory was appointed as administrator earlier this week.
“The group is currently in its initial stage of discussion in relation to the possible acquisition of the rights relating to the Aquascutum brand outside the Asian Territories,” said Chan Wing Fui Peter, YGM Trading chairman.
“The discussion may or may not proceed, shareholders and potential investors are advised to exercise caution when dealing in the shares of the company.”
Aquascutum, 160-year old brand, is owned by fashion entrepreneur Harold Tillman. He bought it from Japanese trading house Renown. The company recorded a loss of £6.4 million (US$10.28 million) from September 2009 to February 2010.
Tillman tried to save the brand by injecting £30 million (US$48.17 million) during the past two and half years, however, the losses were just too huge.
“It just had a hole in the bottom. It didn’t make any money,” said a person who knows the company.