British luxury brand Aquascutum could be put up for sale by Renown Inc, its Japanese owner, as part of widespread restructuring plans.

According to the Nikkei business newspaper, Renown will also sell its Tokyo headquarters, an office building in Osaka, and cut about 300 full-time jobs.

Renown, however, said: "There is no decision yet on the matter," but added that it is considering the issue."

Aquascutum, which has been owned by Renown since 1990, has been struggling to reverse ongoing losses and revamp its image.