After almost 20 years under Japanese ownership, the luxury London-founded brand Aquascutum, famous for its classic trench coats and tailoring, is back in British hands.Harold Tillman, chairman of the British Fashion Council and chairman and majority owner of Jaeger, has secured a deal to buy the label, it was confirmed today.
The UK-based Broadwick Group Ltd, a company owned by Tillman and Jaeger CEO Belinda Earl, said that a deal had been struck to buy the British label from the Japanese textiles company Renown for an undisclosed sum.
Earl told handbag.com, "We plan to build on the foundation of the brand as we believe it has the potential to expand in both existing and new markets. We see further opportunities to build on Aquascutum's rich and long history for outerwear and tailoring as well as for new product collections."
Tillman added, "We are pleased to be able to return this global luxury heritage fashion brand to British ownership."
Asked whether Aquascutum, under its new British ownership, would return to show during London Fashion Week, a company spokesperson said that it was too soon to comment. Renown had cancelled the label's catwalk show in favour of a more cost-effective presentation.
Renown bought Aquascutum in 1990 for £130m but put the brand up for sale last year as it struggled in the global recession. However, the company will continue to manufacture and distribute Aquascutum's products in Japan.
aquascutum.com
