Mike Ashley’s retail business is close to acquiring Gieves & Hawkes, one of the most recognized names in British tailoring.
Mike Ashley’s retail conglomerate is nearing an agreement to acquire the struggling Savile Row tailor Gieves & Hawkes.
Frasers Group is in advanced negotiations to acquire the brand, which was put up for sale earlier this year after its Hong Kong-based owner went bankrupt.
The deal’s value was unknown as of Sunday evening, but it will not be considered given Frasers’ size.
Since September, Frasers, where Mr. Ashley remains the biggest shareholder but is no longer a director, has considered acquiring Gieves & Hawkes.
The Gieves and Hawkes tailoring labels stretch back to 1785 and 1771, respectively, until their modern incarnations were established in 1974.
Savile Row, which has been synonymous with high-quality men’s formalwear for generations, has endured a difficult period due to the influence of the pandemic on working habits on the need for tailored suits.
Gieves & Hawkes held royal warrants for Queen Elizabeth II, King Charles III, and the Duke of Edinburgh.
It has dressed some of the most influential figures in English histories, such as Sir Winston Churchill and Lord Nelson at the Battle of Trafalgar in 1805.
Since 2012, the 1 Savile Row-based brand has been held by Trinity Group, which is in turn controlled by the defunct Shandong Ruyi Technology Group.
It was held by a subsidiary of Hong Kong-based Wing Tai Properties for the previous decade.
In recent years, Frasers, formerly known as Sports Direct International, has acquired numerous high-street businesses, such as Jack Wills, Evans Cycles, and Agent Provocateur.
In June, it acquired the failing online apparel brand Missguided for £20 million.
Recently, it considered acquiring Made.com, which Next Group acquired last week after it declared bankruptcy.
FTI Consulting has been managing the liquidation of Shandong Ruyi and the sale of Gieves & Hawkes.
In July, one of the liquidators, Daniel Chow, was quoted as saying, “Gieves has a solid base and a respected reputation.”
We are convinced that we will find the ideal partner that can contribute its experience and resources to assist drive future growth, maximize its value, and propel us to the next level.
The Frasers Group refused to comment.
