Savile Row men’s tailoring business Gieves & Hawkes is to receive a seven figure sum of investment from its new owners in a move to update its UK store portfolio.
The business was acquired by its Chinese licensee Hong Kong menswear company Trinity in April this year in a deal that could be worth up to £60m. Trinity has now pledged a lump of investment into the company with its UK stores and concessions first on the agenda for refurbishment.
Its Savile Row flagship store was updated last year but the menswear business will now look at the rest of its portfolio, which includes 14 standalone stores and concessions. Ray Clacher, Trinity brand director and acting managing director of Gieves & Hawkes, said: “We’ve started working with an architect on our Sloane Square store and our store in the city. Our first two ‘mini Savile Row’ stores will hopefully be up to speed by next Easter.
Mark Henderson, non-executive chairman, said Gieves & Hawkes would look at expanding its retail presence in the UK “in due course.” He added: “The UK market is relatively tough at the moment so it depends on the availability of the right space.” He also added that the company may look at expanding into wholesale but did not give any timeframe on this.
Once the UK market has enjoyed a period of focus Gieves & Hawkes will also look further international expansion. It is already strong in the Chinese market with 108 stores in the region. It will open a further 17 stores in China this year.
The tailoring business is also on the hunt for a new managing director after the departure of chief exectuive John Durnin in March. Henderson said the company would look for someone with experience both in retail and international trade and added Gieves & Hawkes hopes to appoint someone in the autumn. “Fingers crossed, we’ve seen some very good people,” he said.