Aquascutum returns to British hands

LONDON, Sept. 8 (UPI) -- British fashion mogul Harold Tillman has purchased luxury coat maker Aquascutum, returning a heritage clothing line to British hands.

The terms of the deal were not disclosed, but Tillman said the combined annual revenue of Aquascutum and Tillman's current luxury clothing line, Jaeger, would reach about $495 million a year, The Times of London reported Tuesday.

The Japanese firm Renown had named YGM Trading as the preferred bidder for Aquascutum. The deal announced Tuesday gives YGM rights to Aquascutum's business in Asia, The Times said.

Aquascutum has British roots, having begun in 1853 as a maker of waterproof wool coats for British officers of the Crimean War.

Its coats have been worn by celebrities such as Sophia Loren, Humphrey Bogart and Cary Grant, The Times said.