18th Jun 09
Crombie considers buying rival Aquascutum
by Adam Richards
www.crombie.co.uk
The fashion house Crombie, whose trademark tailored overcoats have gained popularity once again thanks to The Specials, are said to be in talks regarding the acquisition of rival British brand Aquascutum.
Noted for its tailored suits and rainproof coats, Aquascutum was put on the auction block earlier this year by Japanese owner, Renown, following the failure of turnaround plans.
The Hartley Group, which owns Crombie, said that talks were still at an “early stage”. Hartley chairman Alan Lewis noted that any potential deal would require a close look at Aquascutum’s books.
He added: “There is a lot of overlap between the Crombie and Aquascutum brands, we both have a proud English heritage and a focus on quality, so we think it would be a natural fit.”
Lewis, having a £300 million business empire that spans the UK, USA and Russia, has been in discussions with Renown’s advisers, and it is expected that talks could last several weeks.
Uncertainty has surrounded the future of Aquascutum since talks last month regarding a buyout by chief executive Kim Winser collapsed, and she subsequently left the company. No firm offer materialised from YGM Trading, its Hong-Kong based distributor, even though an informal agreement had been signed.
Aquascutum could possibly be divided up between the two interested parties, as YGM is particularly interested in its operations in south-east Asia.
Thanks to www.guardian.co.uk for the above quotes, for more information on this article please visit their website.
www.crombie.co.uk
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