Oct 10, 2019
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Gieves & Hawkes back in the black despite ‘challenging’ retail environment

Oct 10, 2019

Savile Row tailor Gieves & Hawkes managed to turn pre-tax losses of £1.6m into a pre-tax profit of £0.15m in 2018, and is preparing to improve its presence across European markets.

Gieves & Hawkes

The British menswear company is now ultimately owned by Chinese textile group Shandong Ruyi, which became the controlling shareholder of former owner Trinity and its subsidiaries in 2018.

In accounts recently submitted with Companies House, Gieves & Hawkes directors were upbeat about the future of the brand, despite reporting a 5.7% decrease in turnover to £11.6m.

The company said the backing of the Chinese giant will help it move closer towards its goal of becoming a global brand, leveraging Shandong Ruyi’s strong foothold in European markets to strengthen its presence there.

In spite of the sales decline, the Royal Warrant holder remains confident in the menswear sector, saying all products areas, including ready to wear, made to measure and bespoke,  showed growth potential in the year ended 31 December 2018. Customisation services remain a key priority, underpinned by their ability to differentiate the brand and introduce a more personal approach to shopping.

Meanwhile, online revenues were up 32% on the previous year, boosted by broader product availability and an improved website.

Gieves & Hawkes has a store on London’s Savile Row and further sites in Bath, Liverpool, Chester, Birmingham and Winchester.

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