Britain’s Gieves & Hawkes Is One Step Closer To Permanent Closure

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Gieves & HawkesPicture: Gieves & Hawkes

Britain is one step nearer to shedding an essential a part of its sartorial historical past and tradition. The father or mother firm of the 250-year-old tailor, Gieves & Hawkes has been put into liquidation.

Trinity Group, which owns the celebrated tailor and different manufacturers like Kent & Curwen and Cerruti has revealed on Monday that it has introduced in FTI Consulting and R&H Providers as joint liquidators to entry the monetary scenario of the corporate. A possible restructuring of the group is on the desk as nicely. The corporate revealed this in its filings to the Hong Kong Inventory Alternate.

Based on Reuters, lender Customary Chartered pulled within the two companies after the Trinity Group didn’t discover a purchaser for the storied tailor. That being the case, the manufacturers beneath the Group face potential closure.

All hope is just not misplaced, nonetheless, as a report final yr indicated that Marks & Spencer is trying to purchase out Gieves & Hawkes. The British retailer had earlier purchased over the clothes model Jaeger as a part of its technique of increase a third-party model portfolio in line with the identical news outlet.

If a deal is struck, WWD reported earlier that Gieves & Hawkes’ model title might be retained however its archive will likely be offered off at an public sale to collectors. Ought to Marks & Spencer proceed its curiosity within the tailor, the model may enrich its tailoring division. The 2 British manufacturers have labored collectively earlier than and one in every of Gieves & Hawkes’ tailors even designed a menswear collection for Marks & Spencer.

It could be a pity if Gieves & Hawkes couldn’t be saved as it could be a loss for Britain’s tradition and historical past.

For extra reads on the Enterprise of Luxurious, click on here.



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