Frasers Group set to buy Gieves & Hawkes - report
Reports two months ago that Frasers Group was in the running to buy Gieves & Hawkes look to have been correct with news that it’s on the verge of clinching a deal to take over the historic label.
An agreement to buy the Savile Row tailor is imminent, Sky News reported, as Frasers’ buying spree of both upscale and mass-market businesses continues.
Royal Warrant holder Gieves & Hawkes is on the market following the collapse of its Hong Kong-based owner Trinity Group (part of Shandong Ruyi) earlier this year with a shortlist of bidders having made their offers back in September.
It’s unclear how much Frasers will pay, although the company is known for its ability to pick up troubled businesses at cheap prices.
Only recently it bought Australia’s MySale at a knock-down price. And so far this year it has also acquired failed Australian premium footwear brand Sneakerboy Group, as well as fashion e-tailer Missguided and general merchandise webstore Studio Retail.
That’s in addition to it adding to its stake in Hugo Boss (it also owns a major stake in Mulberry) and starting a stake in N Brown.
Despite its problems, Givens & Hawkes was always seen as likely to be snapped up given its high profile and strong reputation. The business was formed in 1974 but the Gieves label and the Hawkes operation both date back to the 18th century.
Gieves & Hawkes held royal warrants for the late Queen Elizabeth and her husband the Duke of Edinburgh, as well as for King Charles. It can also boast a list of former celebrity clients including Winston Churchill and Lord Nelson, who could possibly put any modern celebrity client of a fashion label in the shade.
For now, its sale to Frasers Group hasn’t been confirmed, with neither Frasers nor the liquidators having commented so far.
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