Churchill’s Savile Row tailor in Mike Ashley’s sights
MIKE ASHLEY’S Frasers Group is plotting a bid for troubled Savile Row tailor Gieves & Hawkes.
The retail giant is among a handful of interested parties expected to lodge bids for the brand after its Hong Kong owner collapsed into liquidation, Sky News reported.
Gieves & Hawkes, which was one of Sir Winston Churchill’s tailors and also dressed Lord Nelson for the Battle of Trafalgar, began seeking buyers in July.
The brand is best known for its history of serving the British royal family and has held Royal Warrants since 1809.
It traces its roots to 1771, when Thomas Hawkes opened his first shop in London’s Brewer Street selling military outfits to commanders of the Army and Royal Navy. Gieves Ltd acquired Hawkes in 1974, along with the freehold of 1 Savile Row.
The process of securing a buyer is understood to be at an early stage.
Mr Ashley, who made his name as the founder of Sports Direct, is well known in the City as a serial deal maker. Frasers recently acquired fast-fashion brands I Saw It First and Missguided as it seeks to burnish its online credentials in women’s fashion.
The company, previously known as Sports Direct, has a history of buying distressed UK retailers. It has snapped up brands including Evans Cycles, Jack Wills and House of Fraser after they fell into financial distress.
Gieves & Hawkes secured a credit facility in June for an undisclosed sum from Hilco, a firm that specialises in restructuring, according to Companies House filings.
The shirt maker is part of Trinity Group, a Chinese company controlled by the Shandong Ruyi Technology Group, which appointed liquidators in December. FTI Consulting is handling Shandong Ruyi’s liquidation and the sale of Gieves & Hawkes.
It previously said that it was “confident it would find the right partner [for Gieves & Hawkes] who can bring its expertise and resources to help drive future growth, maximise its value and take it to the next level.”
Sales at the upmarket menswear retailer have been buoyed by weddings and social events such as Royal Ascot after a torrid time during the pandemic.
Frasers declined to comment. FTI Consulting did not respond to a request for comment.