Fall of a fashion icon as Aquascutum goes bust
AQUASCUTUM, the prestigious British fashion label which dressed Winston Churchill, the Queen Mother and Hollywood’s finest, has gone into administration.
Fashion entrepreneur Harold Tillman has invested £20million in the business in recent years. Now he has been forced to admit defeat in his attempt to revive the ailing 160-year-old label. The revelation puts a question mark over the future of some 250 staff based at the company’s headquarters in Corby, Northamptonshire, and at its upmarket stores.
Retail analysts believe Aquascutum is losing more than £15million a year.
It stands in stark contrast to the success of fellow British label Burberry, which yesterday announced sales of £453million for the first three months of 2012, a 15 per cent rise on the same period last year.
The company, which is particularly popular in Asia and has featured the likes of Emma Watson and Rosie Huntington- Whiteley in its recent advertising, is valued at £6.7billion.
Meanwhile, administrators FRP Advisory are casting around to find anyone willing to invest in Aquascutum, and take on its staff and stores.
The label was founded in 1851 by tailor John Emary, who invented and patented the technique of shower-proofing wools and introduced rain repellent cloth. The brand found success providing trenchcoats for officers in the Crimean War and World Wars.
From there, Aquascutum, meaning ‘water’ and ‘shield’ in Latin, became a prestige fashion label. Its designs – in particular its trenchcoats – were worn by Sophia Loren, Greta Garbo, Sean Connery, Lady Thatcher, Humphrey Bogart, Cary Grant and Peter Sellers.
It now has ten high street and outlet stores in the UK as well as 16 concessions, including one at Harrods, but its central London flagship store was abandoned after 110 years as a costcutting measure a year ago.
The business was familyowned until 1990, when it was bought by Japanese trading house Renown for £77million.
Mr Tillman, chairman of the British Fashion Council, took over in 2009 with the idea of creating a larger upmarket fashion business, which also included Jaeger.
He ran Aquascutum and Jaeger in partnership with respected chief executive, Belinda Earl, who recently left the business due to health issues.
It became clear that the business was floundering when, earlier this week, Mr Tillman sold a 90 per cent stake in Jaeger and all its secured debt to a private equity firm for £19.5million.
It is understood the sale was designed to protect Jaeger from any fall-out from the collapse of Aquascutum.
Demise of Jaeger — Page 22