China Fashions

Huayi Brothers Media Group, China’s film producer and record label, is entering the premium fashion industry.

The Media Group, in association with Septwolves, a Fujian province based menswear firm, displayed an haute couture collection at a fashion show.

Well-known entertainers from the Huayi Group including Zhang Hanyu, Bao Jianfeng, Shao Bing and Li Chen walked the ramp showcasing about 60 pieces from the new collection.

The apparel pieces designed for the collection will be used in different films and TV series.

Top celebrities from the film and TV world would also adorn pieces from the collection at important occasions.

Founded in 1994 by the brothers Wang Zhongjun and Wang Zhonglei, Huayi entered the film industry by investing in Jaing Wen and Feng Xiaogang, two well-known Chinese film directors.

Later on, Huayi diversified into TV episodes, mass media, capital investment and artist management. The Huayi Brothers Media Group has several subsidiary companies including Huayi Brothers Advertisement and Huayi Brothers Global Media Group.

Istituto Marangoni To Open First China Location In Shanghai

The Centro Marangoni will train aspiring fashion designers and professionals in China (Image: Vogue Italia)

Officially launching today in Shanghai (and coming two months after luxury group Richemont debuted its “retail academy” in the city), Italy’s Istituto Marangoni — one of Europe’s leading fashion and luxury-focused schools — is set to teach China a thing or two about the global fashion business. Located within Shanghai’s Italian Center (formerly the Italy Pavilion at 2010′s Shanghai World Expo), which is currently hosting Ferrari’s first China exhibition, the “Centro Maragoni” will officially open its doors in early July.

Offering training courses ranging in length up to three months, focusing on subjects such as fashion design, retail and visual merchandising, the training center will teach classes in Italian and Chinese using the so-called “Marangoni method,” an amalgamation of theory and practice pioneered by the Istituto Marangoni.

As part of its launch, the Centro Marangoni in Shanghai will feature a fashion exhibition of works created by current and former students, while the Istituto Marangoni in Italy will feature a similar three-month show featuring three alumni — China’s Zhang Chi, Vera Thordardottir of Iceland, and hometown boy Rocco Iannone.

The Centro Marangoni will be located in the former Italian Pavilion

Roberto Riccio, group managing director, told Vogue Italia (Italian) this week, “This year the Istituto Marangoni celebrates 10 years of close and fruitful relations with China, having opened a representative office in Shanghai in 2002, and developing a strong network of contacts.”

Added Riccio, “Opening up here at the Italian Pavilion, launching this new brand to train professionals, is a celebration of the extraordinary relationship that binds us to this country.” As Tim Borgmann, Centro Marangoni Shanghai director, said, “[This opening] confirms what a priority it is for us to educate the East on Italian style, which the Istituto Marangoni has supported in Europe and worldwide for 77 years…We’re very proud to support the process of the development of the fashion industry in China, and offer our expertise, credibility and know-how to this market.”

Last night the CFDA/Vogue Fashion Fund welcomed Chinese designer Uma Wang to New York with a fancy cocktail party at the W New York Downtown–which will be Wang’s home for the duration of her six week stay. She is in town as a guest of the CFDA/Vogue Fashion Fund’s Chinese Exchange Program, which aims to engage key designers in a cultural exchange including industry events and introductions to key people within the U.S. market.

The event was hosted by Vogue’s Meredith Melling Burke along with CFDA’s Steven Kolb and W Hotels Global Fashion Director Jenné Lombardo. We also spotted Peter Som, Jenna Lyons and Opening Ceremony’s Kate Foley (who showed us some of her super cool tattoos).

Wang represents the exciting wave of innovative, high-quality designers putting the Chinese fashion industry on the map for all the right reasons. The Central Saint Martins alum has caught the eye of many an international fashion ed (not the least of which include Anna Wintour) with her collections of often oversized, highly textured designs.

We caught up with the guest of honor, whose gracious and laidback attitude was utterly refreshing compared to so many fashion personalities. Dressed in one of her own black, loose-fitting designs with a bare face save a tiny nose stud, Wang embodies the essence of her collections: understated elegance. We immediately wanted to learn more.

Fashionista: Tell us how you got involved CFDA China Exchange Program?
Uma Wang: We have been talking for a while, and I am so excited to finally be here. It is a great opportunity to share, to learn and to see differences in the industry between China and America. I am so lucky.

How are you spending your time in New York?
I am enjoying everything! It is a busy schedule, but not only about fashion. There are so many sites to see and museums to visit.

Any highlights so far?
Well, everything. But I’ve been to the Met Ball, and that was the best night. I saw the most amazing people at the party. My eyes could not move – so many fantastic dresses!

How would you describe the fashion industry in China right now?
They are having a special moment. It’s time for people to start changing how they think about China. It isn’t only a factory. It is a young generation with young blood full of energy. The world needs to pay attention. It’s time to see what is happening in China. It isn’t all about the business part; it’s about what is behind: the culture and the philosophy.

One of Wang’s designs on the runway

What does the expression ‘East-meets-West’ meant to you?
For me, I reflect my culture and tradition through my collections. Not only the Chinese tradition, but how they fit into the world. You cannot only remind yourself of the tradition, you must think about the future too. The East and West is more about the idea of balance, a yin and yang.

Your designs are very fluid and relaxed, how does this reflect your attitude toward fashion?
I feel that clothes and body have to have a distance between them. When you move there must be motion. Look at me today, when I move there are changing shapes in my dress. My philosophy is that there must be a conversation between the body and the clothes. I love when things are oversized and people can imagine how the woman’s body is under the clothes without seeing everything.

Do you have any exciting future plans or goals?
I want to have a fashion show in New York at Fashion Week! I want to learn and see everything and enjoy this opportunity. I want to enjoy every single day. I am meeting the most amazing people and am so inspired.

Are there any silly New York activities you want to do while you’re here?
I want to go drinking and dancing and discover the city. I don’t want any plans, but just to go walking and discovering and meet interesting people. What an amazing city.

We’ll go drinking and dancing with you, Uma! Welcome to New York.

Wang Will Have Opened One Store In Beijing, Two In Shanghai And One In Hong Kong This Year

Alexander Wang store, Beijing

One of the brightest young stars on the American fashion scene, Alexander Wang has already had a busy year in China, and doesn’t appear to have any intention of slowing down. Though the majority of China’s newly wealthy shoppers, most of whom live in inland second- and third-tier cities, remain fixated on the Louis Vuittons and Guccis of the fashion world, more sophisticated fashion mavens in cities like Beijing and Shanghai are showing a serious appetite for independent and niche designers from around the world, putting the likes of Wang at the right place at the right time for China expansion efforts. Last week, Wang opened his first China store in Beijing at the city’s Sanlitun Village North, where it sits nearby other “advanced-level” brands like Balenciaga, Lanvin, Maison Martin Margiela and Marni. For the grand opening party, stars like Gossip Girl‘s Penn Badgely and Zoë Kravitz and Chinese supermodel Du Juan came out in force, making Wang’s event one of the hottest tickets in the city.

But his first store in Beijing is only the beginning of Wang’s 2012 expansion effort. This week — following up his pop-up location at the multi-brand retailer JOYCE earlier this year — Wang launched his first permanent location in Hong Kong, at one of the city’s top high-end malls, Harbour City. Though Hong Kongers have long been able to find Wang’s designs at local stores such as Lane Crawford and Harvey Nichols, his new 1,600 square foot store, which carries his Alexander Wang line as well as the more casual T by Alexander Wang and Object Line, is sure to become a fashion landmark among locals and the famous hordes of mainland Chinese shoppers that regularly flock to Tsim Sha Tsui.

Next up for Wang’s China expansion is Shanghai, where the designer plans to open two new locations within the year. Like in Hong Kong, Wang’s designs are currently available in the city at stores like On Pedder at JOYCE and Le Lutin, but his two new stores — which predate a longer-term Asia expansion that will include more than a dozen new stores in Bangkok, Singapore, Tokyo and South Korea — will mark a major milestone for his brand’s development in China. Soon, Wang will also launch e-commerce in China, saying this week that “It’s the right time.”

Alexander Wang celebrates the opening of his new Beijing location (Image: Style.com)

So, beyond all of the hype following the opening of Wang’s new China stores, are his clothes finding a devoted audience in China? We’d say so, for two main reasons: One, Wang’s stripped-down, minimalist and largely monochrome designs appeal to the design sensibilities of the more individualistic fashion-forward types we’re seeing (particularly) in Beijing, and fit perfectly with the emerging “no-logo” movement that’s taken root among wealthier young Chinese in recent years. Also, Wang’s refusal to incorporate tired Chinese-inspired design clichés into his designs will be appreciated by his potential buyer base in the country. As Wang told China Daily this week, “I believe our customers are much more global citizens,” saying he wouldn’t “do something so stereotypical” as, say, sticking a dragon on a shirt to woo Chinese consumers. Said Wang, “I know who I am, but I take more inspiration from the experiences of how I grew up.” As the (somewhat unfortunately named) blog Chinese People Have No Style weighed in this week:

Upscale but not pretentious, well designed and accessible, wearable yet edgy, I believe this brand will go far in China, and hopefully keep Chinese people simultaneously cool but also down to earth. China neither has the room nor the need for pretense/pretension, so hopefully it will stop developing in that direction.

Zhang Yilun in Shanghai. 

HONG KONG, May 17 (UPI) — Zhang Yilun wears dark clothing. Her pants are baggy, her hair closely cropped, looks like a hip-hop or skate boy. Zhang, a 22-year-old student at Fudan University in Shanghai, is one of a growing number of what in China have come to be called “tomboys,” young women who choose to dress and act like boys.

Buoyed by celebrities such as Li Yuchun, a former champion of the “American Idol”-like singing competition “Super Girl,” the tomboy trend is pushing issues of gender and sexual preference to the fore in China where homosexuality was outlawed until 1997.

There is no exact Chinese translation of “tomboy.” Lucetta Kam, a researcher in Hong Kong, said the definition is given when the girls display behavior that, in China, is considered masculine. This includes rough ball games, fighting and using crass language and using cigarettes and alcohol. Paying a bill is also considered a masculine act in China.

“Tomboy as a fashion in popular culture is good for us,” said Lai Yuen Ki Franco, who teaches anthropology at the Chinese University of Hong Kong. Lai, who is openly lesbian, said that a decade ago, when she was an undergraduate, she was less accepted. She couldn’t openly be in a relationship with a woman on campus. Her parents pressured her to date boys. When she tried to create a student group for gay and lesbian students she was rebuffed.

“The situation is becoming better,” Lai said. “Tomboys nowadays are luckier than me. At least now we are not embarrassed now when I hold hands with my girlfriend on the street.”

Although lesbians, by most estimates, make up less than 5 percent of the Chinese population, the tomboy fashion trend has made a lesbian lifestyle more accessible to a new generation of Chinese women.

Li Edy, an undergraduate at Hong Kong Baptist University, started dressing like a tomboy in high school and soon entered into romantic relationships with girls.

“They treat me like a boy,” Li said. “Some of them come to my room late at night, others call me to come out and drink and then to take them home after they get drunk.”

Li has been with her current girlfriend, Alice, for almost a year. Alice, who refused to give her last name out of fear of tipping off her mother to her new lifestyle, said she had never dated a woman before Li.

“I was not a lesbian,” Alice said, “but Edy treats love seriously. A lot of boys now are too wooden, feminine and immature. It’s hard for girls to find boyfriends in Hong Kong.”

Although opposition to the tomboy trend and the movement for equal rights for sexual minorities continues to come from religious groups — the Society for Truth Light, a Christian sect in Hong Kong, maintains a strong anti-gay lobby – the strongest resistance tomboys face is often from their families.

Li recently moved out of her family’s home in Hong Kong after her mother reacted negatively to news of Alice. Alice, on the other hand, hasn’t found the courage to tell her mother about Li, at least not after she warned her to stay away from boy-looking girls like Li.

Zhang Yilun, whose parents regularly plead with her to give up the boy clothes and go back to being a girl, faces the same dilemma.

“I think the society accepts me,” Zhang said, “all except for my parents.”

 Getty Images / Forbes

It is not an exaggeration to say that all roads of growth lead to or through China. The obvious question for some of today’s most popular growth stocks is, “Out of Apple, Google, and Facebook, which company will do better in China?”

The Facebook (FB) IPO is upon us Friday, and the last Apple (AAPL) earnings conference call was remarkable in its description of astounding growth in China.  Google (GOOG) is the main competitor of Apple in mobile operating systems, and commentary on valuation of Google vs. Facebook has become quite popular.

The biggest mistake I have seen gurus make in analyzing such a question is not fully comprehending that China is very different from America or Europe.  Let us start out by developing a better understanding of China.

Communist Capitalists

In spite of all the progress China has made, the economy is still tightly controlled by an authoritarian communist regime.   The first priority of the regime is its own survival.  This is the paramount consideration any time China deals with a large enterprise such as Apple, Google, or Facebook.

The inherent nature of Google and Facebook is to empower the masses, which runs counter to the survival instincts of the regime.  On the other hand, Apple does not threaten the regime.

On this count Apple wins.

Memory of Back Stabbing is Still Fresh

Google got an early foothold in China by agreeing to Chinese censorship of Google search results. Later on Google’s founders had second thoughts about Chinese censorship.  Unnerved by Chinese hacking of Google’s computers, Google criticized Chinese censorship.  Upon not being able to reach an acceptable agreement with Chinese government in 2010, Google moved its China offices to Hong Kong and Baidu.com shares took flight.

Google’s move was widely seen as back stabbing by Chinese officials who are ultra-sensitive to criticism on issues of censorship and hacking. The memories of back-stabbing are still fresh in Chinese official circles.

Payback Time?

Apparently Chinese believe in payback when they are criticized.  Chinese regulators have been flexing their muscles and delaying approval of Google’s most strategic and biggest deal of buying Motorola Mobility (MMI).  Regulators of other nations have approved the deal but Chinese are dragging their feet, apparently to teach Google a lesson.

When Google’s acquisition of Motorola Mobility was announced, most experts thought that the deal faced regulatory hurdles in the United States and Europe because of ongoing anti-trust probes.  Almost nobody thought that China would become a problem.  It goes to show how western analysts still do not understand for the most part nuances of how Chinese think.

In contrast to Google, Apple has done a remarkable job of tailoring its operations in China to be in line with the desires of Chinese officials.

Chinese authorities seem to look at Facebook through the same colored glasses as they look at Google.

On this count Apple wins.

Young Aspirational Population

China has a large young aspirational population.  Young people earning $200 to $500 per month are the biggest segment of Apple’s customers in China.  From a western way of thinking, it is difficult to see how a young person earning $200 a month can afford an $800 iPad.

Chinese are different from Americans and Europeans; kids typically do not move out of their parent’s house when they get their first job.  Since a large number of young people live with their parents, they typically do not have the same expenses as American and European young people have.

Apple has become an aspirational brand in China.  Apple products have become more of a fashion accessory.  A young woman in America may aspire to buy a Gucci purse, a young Chinese woman with a similar profile may aspire to buy an iPhone.

With the exception of activist young people, who are few in numbers, Google and Facebook have no aspirational appeal.

On this count Apple wins.

Presence In China

Facebook has no material presence in China.  The popular social networks are owned by Renren (RENN) and SINA (SINA). It is true that circumventing Chinese firewalls do not seem to be too difficult and many Chinese are on Facebook, but Chinese presence on Facebook is not material.  In contrast, Weibo, run by SINA has 300 million members.

Google lags far behind Baidu (BIDU).  Further, Chinese companies are not content with limiting their operations to China; they have ambitions to compete globally with Google and Facebook.

In contrast Apple has built up a major presence in China through both authorized and unauthorized resellers.

On this count Apple wins.

Digital Marketing

The bread and butter of Google and Facebook are selling advertising.  Apple on the other hand makes money by selling devices.

Chinese mentality regarding digital marketing is also not well understood by western analysts.  A typical American or European company is either spending 8% to 10% of its advertising budget on digital marketing or is heading in that direction.

In contrast, a typical large Chinese company spends only 2% to 3% of its advertising budget on digital marketing.

The point is that even if Facebook and Google could expand in China there is no pot of gold at the end of the rainbow in China.

On this count Apple gets the pot of gold.

Extreme Caution

Apple investors have become overly bullish on China.  Lately I have repeatedly seen very bullish projections thrown around by generally well respected analysts who clearly do not understand China very well.  This topic alone deserves a book which is not in the scope of this article.  I will simply expose the readers to the tip of the iceberg here.

First, let’s understand the difference between pre-paid and post-paid. Most Apple phones in the United States are paid on post-paid basis where the telephone carrier subsidizes a big part of iPhone’s $600 cost.   A big part of Apple’s growth in China has come from post-paid.  However, the biggest part of Chinese market is pre-paid where the consumer has to spend $600 to get an iPhone.  Some analysts have gone wrong in linearly extrapolating post-paid data to pre-paid projections without making correct adjustments.

Extreme caution is warranted when investing in Apple based on Chinese projections.  Further, beyond the segment of young people who live with their parents, the low disposable income among Chinese middle class will prove to be a brick wall for explosive growth of Apple in China.

On this count Apple loses.

About Me: I am an engineer and nuclear physicist by background. I have founded two Inc. 500 companies, and have been involved in over 50 entrepreneurial ventures. I am the chief investment officer at The Arora Report, which publishes four newsletters to help investors profit from change. Please feel free to write me at Nigam@TheAroraReport.com.

Buildings stand in the Pudong financial area in Shanghai, China. Photographer: Kevin Lee/Bloomberg

Pedestrians walk past a Paul Smith Ltd. store in Hong Kong. Photographer: Jerome Favre/Bloomberg

Paul Smith Ltd. merchandise is displayed in one of the company’s stores in Hong Kong. Photographer: Jerome Favre/Bloomberg

Paul Smith Ltd., the British fashion label worn by celebrities David Beckham, George Clooney and Jude Law, is planning a flagship store in Shanghai to enter mainland China as the clothing market surges.

The brand will set up a 5,000 square-foot (465 square-
meter) location in Shanghai in December, and add 24 shops in
China over the next five years, said Balbina Wong, chief
executive officer for ImagineX Group, the designer label’s
Greater China distributor, in an interview on May 11.

Known for slim-fitting suits and bold colors, Paul Smith
will take on earlier entrants such as Michael Kors Holdings
Ltd. (KORS), Burberry Group PLC (BRBY) and high-end menswear retailer Trinity
Ltd. (891) which acquired Gieves Hawkes in April. China’s clothing
market will more than triple to 1.3 trillion yuan ($206 billion)
by 2020 from 400 billion yuan in 2010 as rising incomes fuel
demand, Boston Consulting Group Inc. said in a July report.

“This is the right time to join the race,” said Wong.
“Chinese consumers are becoming more sophisticated and brand-
conscious. China’s overall GDP may slow, but the middle-class is
growing.”

ImagineX is a brand management and distribution company
that represents about 20 international brands in Asia, according
to its website. Closely held Paul Smith has locations that
include London, Paris, Hong Kong and New York.

Chinese urban disposable income rose 14 percent to about
21,810 yuan in 2011.

That is pulling global fashion brands into the world’s
second-largest economy.

Prada SpA raised about HK$19.2 billion ($2.5 billion),
including an overallotment, in a Hong Kong share sale in June to
fuel expansion in China. Florence, Italy-based Salvatore
Ferragamo SpA plans to enter as many as eight new cities over
the next three to five years in China.

A roundup of news coming out of China this week, from Paul Smith’s upcoming China “megastore” in Shanghai to Jean Paul Gaultier’s Beijing fashion show and Diane Von Furstenberg’s fourth China location.

For First China Flagship, Paul Smith Plans Shanghai “Megastore”

Paul Smith boutique, Oriental Plaza, Beijing

11 years after opening its first location in Hong Kong, the British fashion label Paul Smith Ltd. is slated to open its first mainland China flagship, a 5,000 square foot (465 square meter) “megastore” in Shanghai, this December. As Bloomberg writes this week, the brand, known for its bold colors and slim-fitting suits, hopes to ratchet up its China expansion strategy, with 24 shops planned there over the next five years. In partnership with ImageinX Group, the brand’s distributor in the Greater China region, Paul Smith hopes to dig in for the long haul in China’s booming fashion market, which is expected to more than triple to 1.3 trillion yuan ($206 billion) by 2020 (up from 400 billion yuan in 2010).

As Balbina Wong, chief executive officer for ImagineX Group, put it, “This is the right time to join the race…Chinese consumers are becoming more sophisticated and brand- conscious. China’s overall GDP may slow, but the middle-class is growing.”

Though the company remains optimistic about its prospects in China, where it already operates a handful of small locations, we’re interested to see what kind of marketing tack it’ll take to compete with the likes of Prada — which raised over HK$19 billion ($2.5 billion) in its 2011 Hong Kong IPO to speed up its expansion in China — Salvatore Ferragamo, which Bloomberg notes is expected to enter eight new cities over the next three to five years in China, and fellow British brand Burberry, which has been among the most successful foreign fashion brands in China over the past two years. As early as 2006, Paul Smith was hob-nobbing with Chinese celebrities like publisher Hong Huang and musician Cui Jian in advance of an expected push into China. Six years on, the brand lags behind the likes of Zegna and Ferragamo among China’s cashed-up 30- and 40-somethings, and the country’s younger generation remains fixated on the Burberrys and Coaches of the high-end world. It’ll take some serious marketing savvy for Paul Smith to correctly position itself to appeal to both demographics.

Gaultier Takes Beijing With Runway Show

Gaultier show in Beijing (Image: Katharina Hesse)

This past weekend, designer Jean Paul Gaultier made his first visit to China for a fashion show of his F/W 2012 men’s and women’s ready-to-wear and couture collections, held at Beijing’s Chaoyang Urban Planning Museum. With more than 1,000 attendees at the museum, including VIP “regulars” like actress Jennifer Tse and actor Simon Yam, the show was the place to be for fashion devotees in the Chinese capital. As WWD writes of the event:

The crowd was clearly hip to the signature style of Gaultier. There were enough striped bodies to command a naval ship, and enough kilts to start a ceilidh. And in a city that doesn’t usually condone homosexuality, and certainly never drag, all persuasions appeared to be proudly and glamorously represented.

Two weeks after Gaultier’s 60th birthday and almost 40 years into his career, Gaultier’s visit to Beijing prompted numerous questions relating to his age. Yet the “enfant terrible” seemed unperturbed by the constant reminders of his seniority.

“I don’t feel anything has changed but the color of my hair. I always have the same passion in my work, which I love,” he said. “I’m very lucky because I’m doing the profession I have wanted to do since I was a child.”

DVF Opens Fourth China Location In Beijing

Chen Shu at the grand opening

Recently, Diane Von Furstenberg launched her fourth location in mainland China at Beijing’s Oriental Plaza (东方新天地). Since entering the market in November 2010, DVF has opened stores at Beijing’s Shin Kong Place (新光天地), Shanghai’s Plaza 66 (上海恒隆广场) and Beijing’s China World Mall (国贸后). Her newest, a 133 square meter location at Oriental Plaza, located in the city’s Wangfujing shopping area, stocks a full range of apparel and accessories, footwear, handbags, leathergoods and sunglasses. The location’s grand opening was attended by DVF Greater China general manager Jessie Chen and actress Chen Shu (陈数).

DVF at Oriental Plaza
Basement level, BB46 AB
1 E. Chang’an Ave., Dongcheng district, Beijing
中国北京市东城区东长安街1号东方新天地商场地铁层BB46AB店铺
Tel: +86 01 8515 1558

White Label takes place for the first time in Berlin at the Max- Schmeling-Halle during the Berlin Fashion Week (BFW) from 04 – 06 July 2012. This first show provides access to 100 Chinese textile and clothing companies as potential suppliers of top-quality womenswear, menswear, childrenswear and accessories. In 2013, White Label will open its gates to exhibitors from all over the world.

The fair is hosted by the Beijing Chinatex Advertising Exhibition Co. Ltd., a company that has successfully been organising trade fairs in mainland China as well as in Tokyo and Osaka since 2003. The company is a subsidiary of the Chinatex Corporation, a larger Group that officially belongs to the “Top 100 Companiesâ€� in China. For Chinatex, White Label in Berlin is the stepstone into the European exhibition market – a decision the company took at the beginning of 2011.

The buzzing international reputation of Germany’s fashion hub convinced Chinatex that Berlin is the right choice for an entry into the European market. The idea is to establish an easy point of access for European fashion brands to meet potential suppliers. Organising the event during the Berlin Fashion Week means reaching out to the fashion community at large and in particular to those companies with an interest in sourcing high-quality products from overseas.

It is envisaged to host White Label twice a year during the BFW. The aim is to open the gate to exhibitors from other countries as of 2013. Access to White Label is free upon registration on www.whitelabelfair.com. The exhibitor’s catalogue will be available shortly on-line. The fair is organised by DIE PR-BERATER GmbH on behalf of the Beijing Chinatex Advertising Exhibition Co. Ltd.

UK’s luxury clothing brand Aquascutum has been acquired by China-based YGM Trading, which already owns the brand’s licence for Asia.

Aquascutum administrators FRP Advisory announced that the brand and its assets, including the UK stores, concessions and the head office have been sold to YGM Trading for a price of £15 million, thus saving more than 100 jobs.

They said they are carrying forward talks with concerned parties for sale of the brand’s facility in Corby, and concessions in Canada and Spain, and expect to close the deals shortly.

The sale to YGM Trading follows an exclusivity agreement period that started on May 2, FRP Advisory said.

Following its owners Belinda Earl and Harold Tillman’s inability to curb business losses, the UK firm was placed under administration in mid-April this year.

Joint administrator Geoff Rowley said they are happy that they were able to save over 100 jobs and the iconic brand’s presence in the UK, by securing a buyer for the brand.

He expressed hope that the new ownership would allow Aquascutum to flourish not only in the UK but across the globe, both as a brand and as a business.

Aquascutum has the distinction of supplying coats to several statesmen and actors, including Sir Winston Churchill, Mrs. Margaret Thatcher, Sophia Loren and Michael Caine.