Aquascutum dressed kings and spies for 160 years — then vanished in administration twice

Aquascutum was founded in 1851 by tailor John Emary at 46 Regent Street, London. In 1853, he patented the first waterproof wool and named the company Aquascutum — Latin for 'watershield.' The company supplied waterproof coats to British officers in the Crimean War and trench coats in both World Wars. It held a Royal Warrant from 1897. Winston Churchill, Humphrey Bogart, Cary Grant, and Margaret Thatcher all wore Aquascutum. In 1953, Edmund Hillary used Aquascutum fabric on his Everest ascent. The brand was British heritage made tangible.

The decline began with the 1990 sale to Japanese textile conglomerate Renown Incorporated for 20 billion yen ($163M). Renown struggled to manage a European luxury brand from Tokyo and sold after three consecutive years of losses. In 2009, Broadwick Group bought the non-Asia business. Just three years later, in April 2012, Aquascutum entered administration. The Northamptonshire factory was shut down. YGM Trading of Hong Kong bought the entire company out of administration for £15 million.

YGM focused almost entirely on China — 135 of 146 outlets were in Greater China. But the Chinese strategy also failed, with 14 stores closing in a single round. In 2017, YGM sold to Shandong Ruyi for $117 million (£95 million). It was supposed to be a revival. Instead, three years later, in September 2020, Aquascutum went into administration again. The brand that had dressed royalty, generals, and explorers for 170 years was reduced to a licensing shell.