AQUASCUTUM TAPS TANAKA TO HEAD GROUP
LONDON — Aquascutum Group PLC has named Jiro Tanaka as group managing director.
Tanaka succeeds James Pow, who resigned in late February. Aquascutum provided few details on Tanaka, but a spokeswoman said he comes from the British company’s parent, Renown, in Japan.
Pow will relocate to Aquascutum’s headquarters in London.
The retailer and wholesaler of traditional English apparel also named David Fellows as a director and deputy managing director of Aquascutum Ltd., the company’s British arm. Fellows had been acting as managing director following Pow’s departure and will continue as Aquascutum’s finance director until a replacement can be found.
Masaaki Tashibu also was named a director and deputy managing director of Aquascutum Ltd. He succeeds Tetsuya Suzuki, who will be returning to Japan on April 18 to take up a new position.
The appointments indicate Renown is tightening control of Aquascutum following reports of disagreements over strategy between the Japanese parent and Pow.
Renown was said to be eager to widen distribution of Aquascutum’s products in the key Far Eastern market to help boost sales and improve its own financial results.
Industry executives said Pow disagreed with this strategy, preferring to keep distribution tight to maintain Aquascutum’s position as a luxury brand.
Renown recently reported a loss of $36.5 million (4.59 billion yen) for the year ended Jan. 31, narrowed from a loss 10.96 billion yen a year earlier. Sales rose 1.1 percent to $1.53 billion (192 billion yen).