Gieves & Hawkes, No1 Savile Row, the best address
After reading the Times newspaper, it is sad to say that the Royal Tailor with the best address on No1. Savile Row; Gieves & Hawkes freehold flagship store has been sold to the parent Chinese group Wing Tai Properties for a whopping £8.5 million
According to Companies House reports Gieves & Hawkes made a loss £2.4 million at the year ending December 2010. Their turn-over was 15.6million as compared to the previous year of £16.6 million. This just basically means that they have made losses for at least two years in a row.
In addition this has led Gieves & Hawkes to close a further 8 concession stores 7 of which are in House of Fraser. Never-less the company still has 4 concessions in Harvey Nichol and Selfridges and there are still 10 stores dotted around.
The original founders were Gieves founded in 1785, and Hawkes founded in 1771. Gieves and Hawkes merged in the late 19th Century. The tailors started as suppliers to the British Army and Royal Navy. It makes bespoke suits for the Royal family such as Prince William and Prince Harry. Gieves & Hawkes are tailors that are not afraid to re-invent it-self. It was the first on Savile Row to make ready to wear suits. To this day 20% of its turnover is from making bespoke suits and the rest from ready to wear but that still has not saved it from the recession that started in 2008 as its brands continue to slowly diminish and fade in the ever challenging UK market.