Gieves & Hawkes? Closure Spells an End of British Savoir-faire
Storied British tailor, Gieves & Hawkes? faces a crisis that would mean closing its 250-year old shop at Savile Row.
The post Gieves & Hawkes? Closure Spells an End of British Savoir-faire appeared first on LUXUO.
Image: Gieves & Hawkes
One of Savile Row?s oldest tailors, Gieves & Hawkes, faces a threat of closure after news of its parent company Shandong Ruyi Technology Group reported it is facing a debt crisis.
The 250-year-old establishment has been a prominent figure in its field and counts the British Royal family, Winston Churchill and others as its clients.
Gieves & Hawkes and its sister company Kent & Curwen, are owned by Trinity Limited ? a subsidiary of Shandong Ruyi Technology Group, which aspires to be the Chinese version of the world?s largest luxury company, LVMH.
The Times reported that the Chinese conglomerate owes US$4 billion to its creditors after going on a buying spree in 2015. The move was an attempt of building an empire that could rival LVMH but it failed to properly finance its debt. The search is now on and if a rescuer does not step forward, this could mean the end of the historic British brand.
READ MORE: LVMH Maintains Strong Growth in Q3 Despite China?s Crackdown on the Ultra-rich
View this post on Instagram A post shared by Gieves & Hawkes (@gieveslondon)
However, even if a rescuer were to be found, the business at Gieves & Hawkes remains to be poor. Demand for fo...
The post Gieves & Hawkes? Closure Spells an End of British Savoir-faire appeared first on LUXUO.
Image: Gieves & Hawkes
One of Savile Row?s oldest tailors, Gieves & Hawkes, faces a threat of closure after news of its parent company Shandong Ruyi Technology Group reported it is facing a debt crisis.
The 250-year-old establishment has been a prominent figure in its field and counts the British Royal family, Winston Churchill and others as its clients.
Gieves & Hawkes and its sister company Kent & Curwen, are owned by Trinity Limited ? a subsidiary of Shandong Ruyi Technology Group, which aspires to be the Chinese version of the world?s largest luxury company, LVMH.
The Times reported that the Chinese conglomerate owes US$4 billion to its creditors after going on a buying spree in 2015. The move was an attempt of building an empire that could rival LVMH but it failed to properly finance its debt. The search is now on and if a rescuer does not step forward, this could mean the end of the historic British brand.
READ MORE: LVMH Maintains Strong Growth in Q3 Despite China?s Crackdown on the Ultra-rich
View this post on Instagram A post shared by Gieves & Hawkes (@gieveslondon)
However, even if a rescuer were to be found, the business at Gieves & Hawkes remains to be poor. Demand for fo...
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