Frasers Group to buy historic Savile Row tailor – report
Sky News reports Sports Direct owner Frasers Group is close to buying Gieves & Hawkes, the historic Savile Row tailor.
Frasers Group is said to be in advanced talks to buy the 251-year-old firm, but the company would not officially comment on the report.
Gieves & Hawkes, based at Number 1 Savile Row in London, is one of the world’s most famous fashion addresses and is one of the oldest bespoke tailoring companies.
But the historic tailor has faced uncertainty following the collapse of its Hong Kong-based owner collapsed into liquidation last year.
Mike Ashley – who founded Frasers Group – is a prominent retail figure, who has snapped up some big High Street names – such as House of Fraser.
He stepped down from the board of Frasers Group but remains the group’s controlling shareholder.
Mr Ashley had already handed over the running of the group to his son-in-law Michael Murray earlier this year.
According to Sky News, the value of any deal is not yet known.
‘Going upmarket’
Speaking to the BBC’s Today programme, investment expert Russ Mould said there were two reasons why Frasers Group would want to snap up Gieves & Hawkes.
“Frasers, or Sports Direct as it was, has always loved a bargain,” he said.
“It’s bought lots of businesses out of liquidation or that have gone into financial difficulty – Evans, Jack Wills, Missguided – it looks to be doing the same now again with Gieves & Hawkes.
“Secondly, Frasers was developing under Mr Ashley, and now Michael Murray, a plan to go upmarket and let’s face it, a Savile row tailoring brand is pretty upmarket.”
Games and Sofa.com are two other brands that Frasers Group snapped up during their financial difficulties.
