TOKYO — Hong Kong-based YGM Trading Ltd. confirmed that one of its subsidiaries has signed a letter of intent for the possible purchase of Aquascutum from Japan’s Renown Inc.
In a statement posted on YGM’s Web site as well as the Hong Kong Stock Exchange Web site, the company said it is still negotiating the terms of the deal and no “formal agreement” has been reached thus far.
As reported, Aqua-scutum ceo Kim Winser resigned suddenly last week after Renown turned down her offer to buy the outerwear, ready-to-wear and accessories brand in a management buyout that she had been working on for about 18 months. Shortly thereafter, the Sunday Times of London reported Renown was in talks to sell Aquascutum to YGM Trading, which is Aquascutum’s Chinese licensee.
@serenawilliams, in @versace and a @bulgariofficial necklace, with @alexisohanian attending the #royalwedding at St. George’s Chapel. See all of the celebrities in attendance on WWD.com. #wwdeye #wwdfashion
The wait is over: Meghan Markle picks @givenchyofficial’s Clare Waight Keller for her wedding dress. Markle entered St. George’s Chapel in a Givenchy Haute Couture gown paired with Queen Mary’s Diamond Bandeau Tiara, loaned to her by The Queen. Read more on WWD.com - Link in bio. #wwdnews #wwdfashion #royalwedding