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Turnover falls at Gieves & Hawkes but losses narrow

Turnover at Savile Row tailor Gieves & Hawkes fell 16.6% to £15m for the year ended 31 December, but it narrowed its losses from £0.8m to £0.5m.

Gieves & Hawkes flagship store

Gieves & Hawkes flagship store

Gieves & Hawkes flagship store

Gross profit margin increased from 44% in 2014 to 47%.

The group increased retail sales by 8% on a same-store basis in 2015, but sales fell by 2.9% on the previous year overall due to the closure of non-performing stores.

Its net liabilities increased by £300,000 to £4.6m by the year end, according to accounts filed at Companies House.

The firm said it continued to invest in “brand-building programmes”, believing that building international cachet, driving consumer awareness and improving visibility worldwide is critical for the brand.

Gieves & Hawkes was founded in 1771 and has 102 stores worldwide, including a global flagship at 1 Savile Row.

Last month, Drapers exclusively revealed that Nick Keyte, head of buying for menswear and travel at John Lewis, had been appointed managing director at Gieves & Hawkes.

Gieves & Hawkes is owned by Hong Kong-based Trinity, which is a member of the Fung Group. Trinity also manages menswear brands Cerruti 1881 and Kent & Curwen, which are self-owned, and operates D’Urban under a long-term licence in Greater China.

 

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