Hong Kong firm buys Aquascutum in $24 million deal

HONG KONG - A Hong Kong company said it has agreed to buy the business and assets of troubled British luxury clothing maker Aquascutum for £15 million ($24.2 million).

YGM Trading told the Hong Kong stock exchange late Thursday that the acquisition was based on the "substantial value" of the more than 160-year-old icon of British high-end fashion, which entered administration last month.

YGM has owned Aquascutum's brand licence for Asian markets since 2009.

Aquascutum, which is known for trench coats worn by Winston Churchill and Greta Garbo, said in April that it had entered administration due to "challenging conditions" in Britain.

YGM shares were 1.13 percent higher at HK$19.7 on Friday morning.

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