Aquascutum Finds A Buyer
A few weeks ago we heard about Aquascutum becoming one of the latest victims of the recession when it went into administration. It was shock to read the news about the 100 year old brand, especially as its competitor, Burberry, have flourished over recent years and have become a household name (although perhaps not always for the right reasons).
We wrote an article within last week’s Drapers Magazine detailing the reasons behind Aquascutum’s unfortunate decline in recent years; we believe that undoubtedly their biggest mistake was a lack of innovation in their marketing strategy and not embracing new channels within a fast-moving market. (To read more on this article follow this link).
There were rumblings in the press last night but this morning we woke up to the news that Aquascutum has been sold for £15m to a subsidiary of Hong Kong-listed YGM. YGM already owns the brand in Asia successfully, so we are looking forward to seeing what they do to turn the brands identity around within the UK market.
Administrator Geoff Rowley said “We 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”.
“We hope that under new ownership the Aquascutum brand and business will have the best opportunity of success and growth both in the UK and worldwide.”
