Ruyi Group eyes up Aquascutum
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London - Chinese Shandong Ruyi Group is said to have set its sights on a new fashion acquisition, just months after it acquired French fashion conglomerate SMCP, one a little closer to the UK market.
According to a report from Bloomberg, Ruyi Group aims to acquire British trench coat label Aquascutum for approximately 120 million dollars (97.3 million pounds) from YGM Trading.YGM Trading, parent company of Aquascutum, previously wrote in a October 17 exchange filing that it has signed a memorandum of understanding to sell its iconic British brand for approximately 120 million dollars.
Sources indicated that the two parties are currently “conducting due diligence” but hope to come to an agreement within the next few weeks. The acquisition comes as Ruyi Group hopes to take over more higher-end labels to introduce to China and its growing group of affluent consumers.