Hong Kong apparel wholesale and retail business operator YGM Trading Limited has announced that it has reached an acquisition agreement with Aquascutum, a British luxury apparel brand, to purchase the assets and businesses of the latter for GBP15 million.
According to a report published by YGM, the acquisition price was determined by the value and future profiting potential of Aquascutum brand. The transaction reportedly covers Aquascutum's brand and assets, including U.K. stores, concessions and the head office, preserving 100 jobs. The two parties are also talking about the sale of Aquascutum's factory in Corby and concessions in Spain and Canada.
Public files showed that YGM gained the ownership of Aquascutum brand in 42 Asian countries and regions in September 2009. With the new acquisition, the Hong Kong company will fully own the brand in the global market.
Geoff Rowley, a joint administrator from Aquascutum, said that they 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. They hope that under new ownership the Aquascutum brand and business will have the best opportunity of success and growth both in the U.K. and worldwide.
With a history of 161 years, Aquascutum is a well-known luxury clothing brand in U.K, constantly refining its designs, craftsmanship, time-honored skill and tailoring.
YGM Group was founded by Dr. S.K. Chan in 1949 and was listed on the Hong Kong's public stock exchange in 1970. The businesses of the group include garments, textiles, wholesaling, retailing and other manufacturing industries. Headquartered in Hong Kong, the group has offices in Guangzhou, Shanghai, and Beijing. Its export business mainly targets European, American, Japanese and South-East Asian markets.