Jaeger boss Harold Tillman said he will maintain Aquascutum’s luxury position and sees great opportunity for the brand.

Tillman and Jaeger chief executive Belinda Earl bought Aquascutum today from Japanese owner Renown. They aim to grow the brand internationally, develop new product categories and launch a transactional website.

Tillman said: “The company [Aquascutum] has had considerable investment and is an outstanding brand which punches above its weight. We plan for it to maintain a luxury position. There’s still growth in the luxury market.”

The new owners said that costs will be cut by sharing back office functions with Jaeger. Earl said: “We will have increased buying power and economies of scale.”

Tillman and Earl added that they would begin implementing any necessary changes to manufacturing and staffing within weeks. They could not confirm which members of the Aquascutum team would stay with the new company but said they are committed to keeping Aquascutum’s UK factory in Corby open.

Earl added that the brand has the potential to grow its mens and womenswear offer, and added that accessories and giftwear were the categories with greatest growth potential.