Products

• Fashion news 2012: Aquascutum on brink of collapse

  
  17 April 2012
  

  Fashion news 2012 - Aquascutum on brink of collapse: The British heritage brand owned by British Fashion Council chairman Harold Tillman, who has sold sister company Jaeger to a private equity entrepreneur, stands on the brink of collapse.

  

  Aquascutum-autumn-winter-2012

  London Fashion Week label Aquascutum could be placed into administration today, as the company struggles with high levels of debt.

  The brand was bought by British Fashion Council chairman Harold Tillman in 2009, who yesterday sold a 90 per cent majority stake in Jaeger to a private equity firm for £19.5 million - a sum that was reportedly "fractionally more" than the level of debt in the business.

  An email from the Aquascutum press office sent this morning communicated that the label's autumn/winter 2012 press day has been cancelled due to 'unforeseen circumstances'. The industry event would have provided fashion editors and assistants a chance to view the collection designed by Joanna Sykes for possible forthcoming editorial fashion shoots and features. Central Saint Martins graduate Sykes was appointed design director for womenswear, menswear and accessories at Aquascutum in May 2010, and had bestowed a fashion-forward aesthetic to the heritage brand founded in 1851.

  Tillman is thought to have invested over £20 million to secure the future of the company, which employs over 250 staff including those based at its factory in Corby, Northamptonshire.

  In 2011, Aquascutum took out an £8 million loan to pay back debts to its Hong Kong licensee, YGM Trading.

  (telegraph fashion news)