Tillman eyes overseas growth for Aquascutum

Published on Tuesday 8 September 2009 22:10

ENTREPRENEUR Harold Tillman has bought luxury fashion brand Aquascutum and has set his sights on overseas expansion as he looks to exploit its strengths as a British firm "steeped in heritage".

Aquascutum, whose trench coats have been worn by film stars from Humphrey Bogart to Michael Caine and which can count Baroness Thatcher as a customer, was bought from Japan's Renown for an undisclosed price by Tillman and Jaeger chief executive Belinda Earl. .

Tillman said yesterday that he would consider opening more stores in the UK before increasing the firm's presence abroad. He added that it "punches above its weight" in terms of its name, but was still relatively small and has scope for expansion, particularly in the US, Russia and the Middle East.

He said: "The business has had a period of uncertainty and I am hoping now everyone can relax and start to enjoy it."

Citing Burberry as a luxury goods company that has continued to grow despite the hard economic times, he said: "Most people aspire to have something better in life and the world's population is growing. There's always the next generation of wealth coming through."

Aquascutum has endured a difficult period as its Japanese owner struggled to secure a sale of the business. Renown bought the business for 77 million in 1990, but lately has struggled to make it profitable.

In May, chief executive Kim Winser walked out after talks over a management buy-out collapsed and Renown then put the brand's entire 343-strong workforce under consultation after a firm offer failed to materialise from a suitor in Hong Kong.