Aquascutum chief quits after failed takeover bid
AQUASCUTUM chief executive Kim Winser has left the luxury brand after her attempt to take control of the firm through a management buyout failed.
Sources close to the business said that Winser – who was drafted in from Pringle to turn the business around three years ago – had seen her offer for the firm rejected by its owner, Renown.
It is not known why Winser’s bid, which she had been negotiating for the last 12 months, was rejected, nor who will take over the company.
Renown is now thought to be trying to sell the luxury clothing brand, which it acquired in 1990, to China’s YGM Trading.
YGM already has the license to sell Aquascutum clothes in Asia, the brand’s biggest market.
Renown said last year it was considering selling Aquascutum as part of a restructuring following three straight years of losses.