YGM Trading, owners of Aquascutum’s brand in Asia, is in talks to buy the global brand after the British luxury fashion retailer collapsed into administration yesterday, it is understood.

According to the Financial Times, Hong Kong-based YGM Trading, which bought the Asian brand rights in 2009, said the administration enabled it “to further expand its ownership of the Aquascutum brand worldwide”.

“The group 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,” said YGM chairman Chan Wing Fui Peter.

“The discussion may or may not proceed.”

Administrator FRP Advisory confirmed it is in talks with a number of parties but declined to comment on YGM Trading’s involvement.

Aquascutum, owned by British Fashion Council chairman Harold Tillman, hit the buffers after management admitted it “was unable to successfully turn the business around”.

The news came a day after Tillman sold a 90% stake of Jaeger to private equity firm Better Capital, taking his share down from 70% to 10%.