Entrepreneur Harold Tillman has vowed to maintain Aquascutum’s luxury position after the Jaeger owner bought the brand from Japanese owner Renown.

Tillman has acquired the brand in league with Jaeger chief Belinda Earl and believes there are exciting opportunities for the brand. 

He 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 luxury.”

He plans to launch a transactional website, which would be the first for the brand, and will look at several international markets in which to grow the prowess of the quintessentially British name.

The new owners said that costs would be saved by sharing back-office functions with Jaeger.

The team that will stay with the new company has yet to be confirmed, but they have committed to keep open its UK factory in Corby.

Earl added that it had the potential to expand its mens- and womenswear ranges, and said that accessories and gifts had the greatest growth potential.

The Asian brand rights for Aquascutum will be sold to Chinese clothing group YGM for £13.7m. The sum Tillman paid for the brand has not been disclosed.