The excessive road empire based by Mike Ashley is near agreeing a deal to purchase the stricken Savile Row tailor Gieves & Hawkes.
Sky News understands that Frasers Group is in superior talks to purchase the model, which was put up on the market earlier this yr after its Hong Kong-based proprietor collapsed into liquidation.
The worth of the deal was unclear on Sunday night however won’t be materials within the context of Frasers’ measurement.
Frasers, the place Mr Ashley stays the bulk shareholder however is not a director, has been considering an acquisition of Gieves & Hawkes since September.
Formed in its present guise in 1974, the respective histories of the Gieves and Hawkes tailoring labels date again to 1785 and 1771 respectively.
Savile Row, which for hundreds of years has been synonymous with high-quality males’s formalwear, has endured a tricky interval, with the pandemic’s impression on working habits impacting demand for bespoke fits.
Gieves & Hawkes has held royal warrants for the late Her Majesty Queen Elizabeth II, in addition to King Charles III and the Duke of Edinburgh.
It has dressed among the most necessary figures in English historical past, together with Sir Winston Churchill and Lord Nelson on the Battle of Trafalgar in 1805.
Based at 1 Savile Row, the model has been a part of Trinity Group – which is in flip owned by the collapsed Shandong Ruyi Technology Group – since 2012.
For the earlier decade, it was owned by a subsidiary of Hong Kong-based Wing Tai Properties.
In latest years Frasers – beforehand generally known as Sports Direct International – has swallowed excessive road manufacturers together with Jack Wills, Evans Cycles and Agent Provocateur.
In June, it snapped up Missguided, the troubled on-line trend retailer, in a £20m deal.
More lately, it checked out shopping for Made.com, which was snapped up by Next Group final week after collapsing into insolvency.
FTI Consulting has been dealing with Shandong Ruyi’s liquidation and the sale of Gieves & Hawkes.
Daniel Chow, one of many liquidators, was quoted in July as saying: ‘Gieves has a strong basis and a good title.
“We are confident we will find the right partner who can bring its expertise and resources to help drive future growth, maximise its value and take it to the next level.”
Frasers Group declined to remark.
Source: information.sky.com”