Sports Direct owner Frasers Group PLC (LSE:FRAS) has completed its acquisition of bespoke London tailor Gieves & Hawkes, reportedly purchasing all five of its UK stores.
Posting a photo of its Savile Road store on Instagram, Frasers commented “welcome to the group,” confirming it has completed its takeover of the embattled Savile Row retailer, which saw its previous Hong-Kong based owner go into liquidation last year.
"We are delighted to have acquired Gieves & Hawkes, securing a long-term future for an iconic 250-year-old brand,” said Frasers chief executive Michael Murray.
"This acquisition further adds to our portfolio of strategic investments in luxury and premium brands."
Having previously outlined it wanted to buy the tailor in September, Fraser’s takeover of the company marks a continuation of a string of acquisitions that has seen it seemingly target struggling brands.
Gieves & Hawkes, which was founded in Soho’s Brewer Street in 1771 and moved into 1 Savile Row in 1912, now sits in a Frasers portfolio alongside Sports Direct and other acquisitions such as Jack Wills, Missguided and Flannels, alongside stakes in ASOS and Hugo Boss.