Frasers group in bid for Savile Row tailors Gieves & Hawkes
Mike Ashley’s Frasers Group is close to agreeing a deal to purchase struggling tailor Gieves & Hawkes, according to Sky News.
The tailors was put up for sale earlier this year after its Hong Kong-based owner collapsed into liquidation.
The value of the deal is unknown.
Ashley remains the majority shareholder of the Frasers group, but is no longer a director, and has been contemplating an acquisition of Gieves & Hawkes since September.
Savile Row, synonymous with high-quality menswear, has seen a reduced customer base since the pandemic as working habits have changed and the need for bespoke suits has fallen.
Gieves and Hawkes was formed under its current name in 1974, but the origins of its tailoring labels go back to the late-eighteenth century.
Gieves and Hawkes has held royal warrants for the late Queen Elizabeth II, King Charles III and the Duke of Edinburgh. It has also dressed some of the most important figures in British History, including Sir Winston Churchill and Lord Nelson.
Frasers – formerly known as Sports Direct International – has in recent years acquired a number of High Street brands, including Jack Wills, Evans Cycles and Agent Provocateur.
It bought online fashion retailer Missguided for £20m in June, and more recently looked to purchase Made.com, which was bought by Next after collapsing.
It is also nearing its takeover of Australian retailer MySale.