UK luxury brand Aquascutum has been sold to YGM Trading Limited, a Chinese fashion retailer headquartered in Hong Kong that owns, licenses and distributes premium international brands in the fashion and sportswear categories. The group’s portfolio includes Ashworth, Guy Laroche, J.Lindeberg, Michel Rene and now Aquascutum, which went into administration in mid-April after owners Harold Tillman and Belinda Earl failed to stem losses. The new deal includes the apparel and clothing retail and business concession under Aquascutum in the UK, certain assets and all rights, titles and interests in intellectual property rights of Aquascutum worldwide (except Asia) at a consideration of £15,000,000.

This marks a milestone for YGM in completing global brand unification since its September 2009 acquisition of all rights, benefits and interests in Aquascutum's intellectual property rights in Asian territories. Mr. Chan Wing Fui Peter, Chairman of YGM Trading Ltd, said, “The group has made significant strides in enhancing the brand in Asia, investing heavily in marketing, store expansion, and product development. This acquisition marks our next phase in consolidating the brand globally under one owner and will create a better platform for strengthening world-wide image and future growth. We view this as an exciting opportunity and a tremendous buy at this valuation.”

Following the completion of this transaction, the group intends to move the Aquascutum brand forward with a plan for global expansion and the continuation of existing business in Europe and the UK. Goals are to be met through initiatives such as expanding the global distribution network, broadening the global sourcing team, developing a global licensing and wholesale business, reinforcing the UK design and creative team and expanding and diversifying product categories such as sportswear, kidswear and accessories.

Aquascutum's success comes from more than 160 years of British heritage that have allowed it to flourish in markets such as China, Hong Kong, Taiwan and Japan. YGM has opened more than 300 Aquascutum shops throughout the Asian region since 1998 and considers the brand the “jewel in the crown” of its portfolio.