HONG KONG: A Hong Kong company has announced it is in talks to buy all the brand rights of British luxury clothing maker Aquascutum, which entered administration this week.
YGM Trading said in a statement to the Hong Kong stock exchange late Tuesday that the "possible insolvency of Aquascutum may present an opportunity" to expand on its 2009 purchase of the brand licence for Asian markets.
"The group (YGM) is currently in its initial stage of discussion in relation to the possible acquisition of the rights relating to the Aquascutum brand outside the Asian territories," YGM chairman Peter Chan said in the statement.
Aquascutum is a more than 150-year-old icon of British high-end fashion known for trench coats worn by Winston Churchill and Greta Garbo.
It said Tuesday it had entered administration, citing "challenging conditions" in Britain.
YGM shares were 1.21 percent higher at HK$25 in afternoon trade on the Hong Kong market.