Marks & Spencer is reportedly considering a buyout of iconic Saville Rowe tailor Gieves & Hawkes.
The 250-year-old company, along with sister brands Kent & Curwen and Cerutti, could face closure if a takeover deal isn’t agreed upon after its Chinese owner Trinity Group, which in turn is owned by Shandong Ruyi, defaulted on a Standard Chartered loan.
A hearing to decide the fate of the brands is scheduled to take place on November 4.
Marks & Spencer is now exploring ways it could incorporate Gieves & Hawkes into its business, sources told The Times.
British luxury label Aquascutum, which is also owned by Shandong Ruyi, could also be part of the deal, according to the report.
Gieves & Hawkes faces closure if buyout not agreed
Sources said they were confident Gieves & Hawkes would attract a buyer and that the company has been trading well since lockdown restrictions were lifted.
Restructuring firm RSM has reportedly been called in as liquidator.
If a deal were to materialise, it would be the latest acquisition by Marks & Spencer as it continues to expand its third-party brand portfolio.
In January of this year, the retailer bought loss-making fashion retailer Jaeger out of administration for 6 million pounds.
The purchase included the acquisition of Jaeger’s brand and stock, but not its 63 remaining standalone stores.
Jaeger was relaunched last month for autumn/winter 2021 on Marks & Spencer’s website alongside a store trial.