Connect with us

Hi, what are you looking for?

Top Stories

Economy

Frasers finally gains a cut above the rest with Gieves & Hawkes purchase

Michael Murray’s attempt to “elevate” the Frasers Group brand has stepped up a gear after the Sports Direct owner confirmed it had bought Gieves & Hawkes.

The Savile Row tailor, which has dressed royalty as well as Lord Nelson, Winston Churchill and Noël Coward, was put up for sale this year after its Chinese owner was placed into liquidation.

Frasers’ interest in the 250-year-old tailor emerged in September. Murray, who has taken over day-to-day running of the retail group from Mike Ashley, his father-in-law, aims to reposition Frasers as a more upmarket business.

Murray, 33, said: “This acquisition adds to our portfolio of strategic investments in luxury and premium brands.” It is understood all five Gieves & Hawkes stores will be part of the deal, including its best-known location at No 1 Savile Row in central London. Its other stores are in Bath, Birmingham, Chester and Winchester.

Gieves & Hawkes dates to 1771, when Thomas Hawkes opened his first shop in Brewer Street selling military outfits to military and naval commanders.

Last November a winding-up petition was issued against Gieves & Hawkes and its sister brands Cerruti and Kent & Curwen in a court in Hong Kong after its owner Trinity Limited defaulted on a loan.

Frasers has a record of buying distressed businesses. In June it bought Missguided’s brand out of administration for £20 million.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Editor's Pick

The Board of Investments (BoI) has cleared Sinoma Energy Conservation (Cebu) Waste Heat Recovery Co. Inc. to serve as the operator of a 4.5-megawatt...

Economy

In the wake of Covid-19, people are working harder than ever. While many of us thought productivity may dip when we started working from...

Economy

Few individuals can resist the temptation to try before they buy; therefore, it was only a matter of time until online casinos realized this...

Forex

At a time when the world is battling to get through the dreaded coronavirus pandemic, protective face masks have come out to be the...

Disclaimer: SecretsOfRichDads.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Secrets Of Richdads. All Rights Reserved.