Aquascutum, the latest Chinese take-away?
Monday 25 May 2009
The future of the luxury British clothing brand Aquascutum is in doubt as reports suggest that its Japanese owner, Renown, is ready to sell up to a Chinese group, YGM, based in Hong Kong.
A reported management buy-out, to be led by the Aquascutum chief executive, Kim Winser, who has a track record of success at Marks and Spencer and Pringle, is thought to have stumbled. She has run the company since 2006 and sought to re-establish it as independent.
Renown has owned the famous brand since 1990 but is said to be experiencing financial challenges and would like to raise some cash.
Aquascutum employs 120 people at its factory in Corby and a total of 400 at its shops in the UK. Concerns centre on the future of manufacturing in this country and on group’s thepension fund, which is said to be in deficit. The Business Secretary, Lord Mandelson, is taking a close interest and the Government’s pensions regulator has been appraised of the situation.
Aquascutum has enjoyed some high-profile patronage over the yearsincluding Diana, the Princess of Wales, Baroness Thatcher, Sir Winston Churchill, Sophia Loren, and Humphrey Bogart. The former James Bond actor Piers Brosnan is the brand's current “ambassador”.
The company gains its name from the Latin for “watershield”, having made its reputation supplying waterproof coats for Crimean War soldiers. Since 1854 it has become one of the most prestigious clothing brands in the world. Like many other luxury brands, bright growth prospects, especially in Asia, have been overshadowed by the recession.
- 1 Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
- 2 Margaret Thatcher 'expressed fears of Asian rising' at Anglo-Irish summit in 1984
- 3 Top 10 travel destinations for 2015: From Haiti and Alaska to Namibia and Iceland
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 The Unluckiest People of the Year 2014 (and one very unlucky giraffe)
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
Margaret Thatcher 'expressed fears of Asian rising' at Anglo-Irish summit in 1984
UK weather: Travel chaos continues as King's Cross train delays add to snow on roads
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
The Unluckiest People of the Year 2014 (and one very unlucky giraffe)
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...