fashion

Gieves & Hawkes could face closure


Savile Row tailor Gieves & Hawkes could face closure after 250 years of business. Their Chinese parent company Shandong Ruyi Technology Group. has failed to pay its debts, and unless a buyer swoops in for the storied tailor, they could shut permanently alongside their sibling brand Kent & Curwen. The order to liquidate some of their brands comes after Shandong Ruyi failed to appeal against creditors. On November 4, a vote will take place to determine the future of the brands.

Gieves & Hawkes currently has one store at Savile Row and 58 shops in 25 cities globally. They aren’t the only brands in Shandong Ruyi’s portfolio in danger. The company also owns Aquascutum, Cerruti, and SMCP.

Earlier this month, European TopSoho, a subsidiary of Shandong Ruyi, failed to redeem bonds worth 250 million euros, which left SCMP vulnerable to being owned by creditors. Shandong Ruyi was also in plans to acquire Bally, but that was never finalized.

At one point, Shandong Ruyi was on an acquisition spree hoping to become a global luxury conglomerate the likes of LVMH or Kering, but their debt has been crippling. They plan on restructuring their portfolio to focus on more high-tech fabrics and fashion brand management.



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