High street retail tycoon Mike Ashley has emerged as one of the favourites to take over the historic Saville Row tailor Gieves & Hawkes.
Frasers Group PLC (LSE:FRAS), which used to be known as Sports Direct International, is amongst several bidders hoping to purchase the company, which must be sold following its Hong Kong-based owner’s collapse.
In recent years, Frasers has bought high street brands Jack Wills, Evans Cycles and Agent Provocateur and online group Missguided for £20mln in June.
Based at number one Saville Row, which for centuries has been affiliated with top-of-the-range men’s formalwear, Gieves & Hawkes holds royal warrants for the late Queen Elizabeth II, King Charles III and the Duke of Edinburgh.
It also dressed some of the most significant figures in England’s history, including Sir Winston Churchill and Lord Nelson at the Battle of Trafalgar.
Saville Row struggled during the pandemic, as demand for bespoke suits plummeted with people working from home.
Frasers’ shares jumped 2.7% to 833.5p following the news.