Aquascutum’s entire 343-strong workforce has been put into consultation, raising questions over the future of the luxury brand.
It follows the decision by Aquascutum’s owner, Japanese manufacturer Renown, to draft in new managing director Yukio Ueda. Previous chief executive Kim Winser left the business two weeks ago following a failed management buyout attempt.
The retailer’s future remains unclear as an expected bid for Aquascutum from its Hong Kong-based distributor YGM Trading has failed to materialise. YGM, which distributes Aquascutum in China and Southeast Asia, was named by Renown as a preferred bidder last week.
Aquascutum said last night: “Further to the review of the company structure that Mr Ueda… is undertaking, Mr Ueda has announced this morning the start of a consultation period with its workforce.
“Details will not be clarified until it is confirmed whether YGM Trading will be pursuing their purchase of the business. It is expected that a first consultation meeting will be held towards the end of June.”