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Aquascutum, whose trenchcoats have been worn by film stars from Humphrey Bogart to Michael Caine, is back under British ownership.
It was today bought for an undisclosed price by retail entrepreneur Harold Tillman and Belinda Earl, the chief executive of fashion house Jaeger, from Japan's Renown.
The company was founded in 1853 when John Emary invented a rain-proof cloth for outerwear. It became best-known for “the great British trenchcoat”.
The name Aquascutum comes from the Latin “aqua” for water and “scutum” for shield.
Renown bought the business for £77 million in 1990 but lately has struggled to make it profitable.
Mr Tillman, a veteran of the rag trade who now chairs the British Fashion Council and owns Jaeger, today pledged to return the group to former glories.
“The brand has a strong positioning in the international arena and has seen significant investment in recent years,” he said. “We are pleased to be able to return this global luxury heritage fashion brand to British ownership.”
Ms Earl will run both Aquascutum and Jaeger, where she has been since 2004.
Aquascutum won Royal Warrants in 1897, 1911 and 1947.
Visitors to its Regent Street store have included Sophia Loren, Cary Grant and Margaret Thatcher.
It has global sales of about £300 million a year, offering its wares in outlets such as Harvey Nichols.
The Asian brand rights are being sold to Hong Kong's YGM Trading group for £13.7 million.
Ms Earl said: “We plan to build on the foundation of the brand as we believe it has the potential to expand. We see opportunities to build on Aquascutum's rich and long history.”
