Reports have emerged that iconic British trench coat maker and retailer Aquascutum could be acquired by a Chinese company for about $120 million USD.
According to Bloomberg, Shandong Ruyi Group, a textile company, plans to acuqire Aquascutum from Hong Kong-listed YGM Trading and is currently conducting due diligence.
A final agreement could be on the cards in the next few weeks.
Aquascutum was founded in 1851 in London‘s Mayfair district by tailor John Emary, who invented a rain-repellent fabric.
The company‘s trench coats, developed for use by the British military, were later worn by former Prime Minister Margaret Thatcher and American film star Humphrey Bogart, according to Aquascutum‘s website.
YGM Trading has been the global owner of the brand since 2012.