Could Li & Fung Bail Out Aquascutum?
Li & Fung’s execs have sure been busy lately!
After rescuing Vena Cava from financial trouble with a new partnership, it’s been rumored that the manufacturing giant might have a contemporary collection with Marchesa in the works. And its latest project? Bidding on British heritage brand Aquascutum, which entered administration—the U.K. equivalent of filing for bankruptcy—last week.
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Li & Fung is just one of a few companies looking to acquire the brand, along with Edinburgh Woollen Mill, Cooper and Stollbrand, and YGM Trading, Vogue U.K. reports. Whoever wins will have their work cut out for them: Aquascutum (whose moniker means "water shield" in Latin, named for the brand’s signature rain coats) recently closed its U.K. manufacturing plant and laid off 115 employees after entering administration following what was described as “significant losses” last year.
"We have received a high level of interest from potential purchasers from around the world,” a spokesperson for Aquascutum told Vogue, “with our focus now upon progressing discussions for a sale of the Aquascutum brand and assets."
Watch this space…
