Aquascutum Spring-Summer 2012 / Photo: YGM Trading

HONG KONG - YGM Trading Ltd, which holds licences for the Aquascutum brand in Asia, said it was in initial discussions over acquring rights for the British clothing label outside its Asian territories.

"The Board considers that the possible insolvency of Aquascutum Limited may present an opportunity for the company to further expand its ownership on the Aquascutum brand worldwide," chairman Peter Chan said in a filing to the Hong Kong bourse late on Tuesday.

The possible insolvency of Aquascutum Limited, which went into administration on Tuesday, will have no impact on the YGM's existing interests in the Aquascutum brand, the Hong Kong high-end fashion retailer said.

It gave no further details on the discussion.

For statement click here.

Aquascutum, the 161-year old British-based luxury clothing manufacturer which has dressed Queen Elizabeth, Winston Churchill and Margaret Thatcher, is the latest high-profile fashion name hit by the retail downturn.

In 2009, YGM acquired all rights in the intellectual property including registered and unregistered trademarks and logos of Aquascutum in 42 countries and regions in Asia including China, Hong Kong, Japan, the Republic of Korea, Indonesia, India, Malaysia, Thailand, Taiwan and Singapore.

Aquascutum is Latin for "water shield" recalling the raincoats on which the company was founded.