Frasers Group reportedly set to acquire Savile Row tailor Gieves & Hawkes

Retail giant Frasers Group is reportedly close to coming to an agreement to buy Savile Row tailor Gieves & Hawkes.

The 250-year-old British retailer, which has been known to dress royalty and former politicians, is said to be in a series of “advanced talks” with the group, Sky News reported.

It comes after the tailor was put up for sale earlier this year after its Hong Kong-based owner collapsed into liquidation.

Rumours surrounding the potential takeover had already started circulating in September, with Frasers’ former director Mike Ashley said to have been contemplating an acquisition.

If followed through, the new addition would push Frasers closer to its goal of “elevating” its portfolio, which it has already begun implementing through increased stakes in Hugo Boss and Mulberry.

The British retail group was initially up against Marks & Spencer, which The Times had said, back in November 2021, was considering a buyout of the tailor.

The report came ahead of Gieves & Hawkes’ announcement that it had fallen into administration under its Chinese owner, Trinity Limited, which had been attempting to avoid liquidation for over two years.

While Frasers declined to comment on the report, the acquisition would fit closely to its recent string of takeovers and stake increases in struggling fashion brands.

This year, the group has rescued the likes of Studio Retail and Missguided, and has upped its stakes in Asos and N Brown, both of which had reported falling revenues.

Sky News said the value of Frasers’ deal with Gieves & Hawkes was not yet clear, as of Sunday evening.