Thu, 12 Apr 2012 | BUSINESS SALE
Gieves & Hawkes, the Savile Row tailor that has dressed several high profile clients including Winston Churchill, is to be sold to its Hong Kong-based licensee Trinity.
The prestigious tailor began life in 1771 making military suits for the British Army and Royal Navy, and has since dressed Charlie Chaplin, Michael Jackson, and Prince William for his wedding last year. It holds warrants appointed to the Queen, the Duke of Edinburgh and the Prince of Wales.
Despite all this Gieves has not reported any profits since 2005. Its previous owner USL Holdings, Hong Kong based clothing maker and property developer, had owned the firm since 2002.
Its new owner Trinity is a subsidiary of consumer brand supplier Li & Fung, and has handed over £32.5 million to secure the deal, with up to £60 million due in yearly payments over the next 18 years, based on its future growth.
Trinity already operates 500 retail stores throughout Greater China, south-east Asia and South Korea. It owns Cerruti 1881, having bought it in 2010 and UK men’s clothing brand Kent and Curwen in 2008.
Trinity group managing director Mr Wong Yat told Drapers: “Gieves & Hawkes is renowned for its strong heritage in fine tailoring, and its dedication to quality, and these characteristics give the brand immense appeal for discerning clients around the world.”
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