Ready-to-wear label Guy Laroche has been acquired by textile group YGM Trading Limited.

The 1957-established label said in a statement that it had been sold by Swiss investment firm Leman Capital for approximately €17 million.

YGM is listed on the Hong Kong stock exchange, and holds licensing contracts with Aquascutum and Ashworth.

Laroche has also appointmented a new designer, Herve Leroux, who has in the past worked at Fendi and Chanel as well as launching his own Herve L Leroux brand.