High-profile sale of Aquascutum hands roles to trio of law firms
A trio of law firms have advised on the high-profile sale of iconic clothing brand Aquascutum to fashion entrepreneur Harold Tillman. Dechert was called in to advise Tillman, with the firm fielding a team led by London corporate partner Geoffrey Walters. Tax partner David Gubbay, property partner Barry Thorne and intellectual property (IP) counsel Renzo Marchini assisted.
September 16, 2009 at 06:37 AM
2 minute read
Dechert, Simmons and K&L Gates handle sale of clothing brand
A trio of law firms have advised on the high-profile sale of iconic clothing brand Aquascutum to fashion entrepreneur Harold Tillman.
Dechert was called in to advise Tillman, with the firm fielding a team led by London corporate partner Geoffrey Walters. Tax partner David Gubbay, property partner Barry Thorne and intellectual property (IP) counsel Renzo Marchini assisted.
The deal is the latest in a series of mandates Dechert has handled for Tillman, including the 2003 purchase of another high-profile clothing brand, Jaeger.
Tillman, who is currently chairman of the British Fashion Council, purchased the 158-year-old company from its Japanese owners, Renown. Aquascutum has been hit by the downturn in luxury spending.
Once acquired, it is expected that Aquascutum will be restructured and combined with Jaeger, with the two businesses expected to see global sales reach the £300m mark.
Simmons & Simmons is advising Renown, with Tokyo-based corporate partner Jason Daniel leading the team.
As part of the deal, Aquascutum has sold the rights to its trademark and IP in 41 countries, including Asia, to manufacturer and distributor YGM Trading. YGM had been in talks to acquire the business.
YGM instructed US law firm K&L Gates, with London corporate partner Jeremy Landau taking the lead role.
Walters commented: "There are various indicators now that entrepreneurs are re-entering the market. We are much busier this year compared to last."
Aquascutum was founded in 1851 and has clothed famous figures including Winston Churchill, Cary Grant, Michael Caine and Queen Elizabeth II.
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