Mike Ashley’s Frasers Group is among the remaining bidders for the centuries-old company whose founders dressed royals, prime ministers, and military officials.
Mike Ashley, the retail magnate who has acquired some of Britain’s most recognizable brands, is considering a takeover of the renowned Savile Row tailor Gieves & Hawkes.
Mr. Ashley’s Frasers Group is among a handful of bidders seeking control of the brand, which is being sold following the bankruptcy of its Hong Kong-based owner.
This week, Frasers and a handful of other parties are anticipated to submit new bids for Gieves & Hawkes, according to retail sector sources.
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.
Mr. Ashley’s participation in the Gieves & Hawkes auction is not surprising given his penchant to investigate bids for many UK retail properties that are placed up for auction.
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.
FTI Consulting is handling 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.
On Sunday, the identity of the other bidders for Gieves & Hawkes was unknown.
