Frasers reportedly in advanced talks to acquire Gieves & Hawkes
Frasers Group is reported to be close to sealing the deal to acquire Savile Row tailor Gieves & Hawkes.
According to Sky News, the British retail empire, which was named as one of a handful of bidders for Gieves & Hawkes in September, is now in "advanced talks" with FTI Consulting, the liquidator of its former parent company.
The historic tailoring business, which was established 250 years ago, is based at No 1 Savile Row and has a Royal Warrant for HM The King and has dressed some of the most important characters in British history including Sir Winston Churchill and Admiral Lord Nelson.
However it has endured a tumultuous few years due to the travails of its Asian owner. The Gieves & Hawkes business has been owned by Hong Kong conglomerate Trinity Group since 2012, which in turn was purchased by Chinese group Shandong Ruyi in 2017.
However, Trinity Group was put into liquidation in January 2022 after attempts to find a buyer for the historic Savile Row brand failed. FTI Consulting and R&H Services were appointed as joint liquidators. Prior to that, it was owned by a subsidiary of Hong Kong-based Wing Tai Properties.
Frasers has not yet commented on the potential deal but it is not believed to be "material in the context of Frasers' size", Sky News said.
The retail group, which owns Sports Direct, Flannels and House of Fraser among others, is highly acquisitive. It was believed to have been in the frame to acquired collapsed online furniture retailer Made.com recently, but that deal went to rival high street group NEXT.
This year it has acquired fast fashion retailer Missguided and has been increasing its "strategic stakes" in German luxury brand Hugo Boss, buying more shares earlier this month, and online fashion business ASOS. It now owns more than 5% of the shares in the latter making its ASOS's fourth largest shareholder.