Chinese textiles major Shandong Ruyi Technology Group is understood to be seeking to acquire UK luxury brand Aquascutum for around US$120m.

According to a report published by Bloomberg, Shandong Ruyi Technology Group plans to buy the Aquascutum business from Hong Kong-listed YGM Trading Ltd.

The report claims the company is currently conducting due diligence, and hopes to reach a final agreement in the next few weeks.

Shandong Ruyi Technology Group could not be reached for comment.

Earlier this year the company, which has its headquarters in Jining, acquired a controlling stake in SMCP Group, which operates the French fashion brands Sandro, Maje and Claudie Pierlot. 

Shandong Ruyi to acquire French fashion firm SMCP

Meanwhile, Shandong Ruyi Science & Technology Group recently invested in "state-of-the-art" digital and automated cutting technology from specialist Lectra to upgrade and optimise its cutting rooms as part of its commitment to a fully automated factory with expert cutting capabilities.

Shandong Ruyi invests in Lectra cutting technology