Aquascutum chief executive Kim Winser is preparing for a management buy-out as its Japanese parent seeks to sell the retail business.

Parent company Renown – which bought the luxury brand in 1990 for ¥20 billion (£113.2 million) – is reported to have put the business up for sale after a fourth consecutive loss in the year to the end of December 2007.

Just 18 months ago, Renown injected£40 million into Aquascutum to revive the brand. In 2006, it drafted in Winser to help stem its losses.

Sources said that several private equity firms have also been looking at the business.

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