Ruyi plans to buy UK trench coat maker for $120 million

Shandong Ruyi Group plans to acquire iconic British trench coat maker Aquascutum for about $120 million, sources said, as Chinese companies extend a record overseas dealmaking spree.

The Chinese mainland 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 conducting due diligence, according to the sources.

Ruyi hopes to reach a final agreement in the next few weeks, one the sources said.