Gieves & Hawkes sold to Trinity
The company was sold by a subsidiary of the Hong Kong listed Wing Tai Properties Limited which has owned the business since 2002.
Trinity, a subsidiary of consumer brand supplier Li & Fung, has been operating the Gieves & Hawkes portfolio of stores in China since the 1980s. It has paid an initial £32.5 million for the business, with additional payments up to a maximum of £60 million due annually over the next 18 years. The future payments are based on the brand's ongoing performance in Greater China.
Mr Wong Yat Ming, group managing director of Trinity, said: "We are very pleased to be adding Gieves & Hawkes to our stable of self-owned brands. Gieves & Hawkes is renowned for its strong heritage in fine tailoring and dedication to quality, the combination of which gives the brand an immense appeal for discerning customers around the world and, most importantly, in fast growing luxury markets like China."
The transaction is expected to complete within a month, and will be paid for from Trinity's internal resources.
Established in London in 1771, Gieves & Hawkes has been granted the use of three Royal Warrants of Appointment to HM The Queen, HRH The Duke of Edinburgh and HRH The Prince of Wales.
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