Frasers Group has acquired 250-year old Savile Row tailor Gieves & Hawkes.
The company was put up for sale after its owner, Hong Kong-based menswear retailer Trinity Group, went into liquidation.
Gieves and Hawkes is the latest acquisition by the Mike Ashley-founded retail consortium, which owns a number of High Street outlets including Jack Wills and Sports Direct.
Michael Murray, Frasers’ chief executive, who took over from his father-in-law Mike Ashley in May, told Bloomberg the acquisition would secure Gieves & Hawkes’ long-term future.
Vincent Fok, Asia head of corporate finance and restructuring at FTI Consulting, who is acting as liquidator for Trinity, told the South China Morning Post: “We are pleased to conclude the sale of Gieves & Hawkes to Frasers Group, and in doing so secure the long-term future for this iconic brand.”
This year has seen Frasers Group snap up several fast-fashion retailers including Missguided, which fell into administration, and I Saw It First.
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New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
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