Tuesday, September 8, 2009
Renown Sells Aquascutum
After announcing one year ago they will sell Aquascutum, Renown Inc., has finally found a buyer in Broadwick Group Ltd., a UK based company. The contract with Broadwick will be signed on 8 September at an undisclosed price and from the sale Renown will generate losses of about 3.5 billion yen for its third quarter ending 30 November. Along with the sale of Aquascutum Renown will also sell the trademark for China and the rest of Asia to YGM Mart Ltd., a Hong Kong based company, which was the brand’s licensee in China. Through a long-term license agreement Renown will continue to manufacture and distribute Aquascutum in Japan. With ongoing financial difficulties and a weak economy in Japan Renown has been restructuring it's business which has also seen the sale of French Connection and J. Crew.