Mike Ashley’s Frasers Group Plc bought Savile Row tailor Gieves & Hawkes, adding one of the best-known names in British suit making to its wide portfolio of brands.
Gieves & Hawkes was put up for sale in July after its owner, Hong Kong-listed Trinity Ltd., entered liquidation last year. It has five UK stores including the flagship outlet on Savile Row which has been home to British tailoring for more than 200 years.
Frasers, the group behind Sports Direct and Flannels, has become one of the most acquisitive retailers on the high street, snapping up failing businesses. In addition to Gieves & Hawkes, Fraser’s portfolio now includes Jack Wills, Evans Cycles, Game, Agent Provocateur, Studio Retail, ISawItFirst and Missguided. It also owns a stake in suit maker Hugo Boss AG.
The acquisition of Gieves & Hawkes, a 250 year-old brand, will secure its long-term future, said Frasers chief executive officer Michael Murray, Ashley’s son-in-law, who took over the reins in May. The purchase price was not disclosed.
Troubled Trinity agreed to buy Gieves & Hawkes in 2012 for an initial £32.5 million ($39 million) plus as much as £60 million in earnout payments. Trinity is one of several companies that ran into trouble after being taken over by Chinese textile manufacturer Shandong Ruyi Group.
By Deirdre Hipwell
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Savile Row Tailor Brand Gieves & Hawkes’ Sale Process Kicks Off
The parent company of Gieves & Hawkes, Hong Kong-listed fashion group Trinity Ltd., was put into liquidation in 2021.
