Liquidators for the owner of Gieves & Hawkes are kicking off a sale process for the British luxury menswear retailer, people with knowledge of the matter said.
Advisers started formally soliciting bids for the 250-year-old Savile Row tailor brand this week, one of the people said, asking not to be identified because the information is private. The sale will include Gieves & Hawkes’ business in the UK, as well as its operations and licensing agreements in greater China, according to the person.
The parent company of Gieves & Hawkes, Hong Kong-listed fashion group Trinity Ltd., was put into liquidation last year. Trinity is one of several companies that ran into trouble after being taken over by Chinese textile manufacturer Ruyi Group.
Trinity’s liquidators aim to find a buyer for Gieves & Hawkes in the third quarter, the person said. The Hong Kong company agreed to buy Gieves & Hawkes in 2012 for an initial sum of £32.5 million ($38.7 million) plus as much as £60 million in earnout payments.
Gieves & Hawkes, headquartered at No. 1 Savile Row in London, had 58 stores in 25 cities as of May last year, according to Trinity’s website. With roots in the military tailoring tradition, the brand holds three royal warrants and has counted every British monarch since George III among its customers, the website shows.
Ruyi, led by businessman Qiu Yafu, bought assets around the world to build up a portfolio of brands after declaring its ambition to become the “LVMH of China.” It’s since lost control of several companies to creditors, including French fashion group SMCP SA and Lycra Co., maker of the elastic material used in yoga pants.
By Vinicy Chan
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