Pursuits
Ruyi Group Plans Purchase of Trench Coat Maker Aquascutum
- Chinese textile firm aims to buy iconic brand for $120 million
- Ruyi conducts due diligence on business owned by YGM Trading
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Shandong Ruyi Group plans to acquire iconic British trench coat maker Aquascutum for about $120 million, people with knowledge of the matter said, as Chinese companies extend a record overseas dealmaking spree.
The Chinese textile producer, which bought control of French fashion group SMCP earlier this year, plans to buy the Aquascutum business from Hong Kong-listed YGM Trading Ltd. and is currently conducting due diligence, according to the people. Shandong Ruyi hopes to reach a final agreement in the next few weeks, one the people said, asking not to be identified as the information is private.