The Queen's tailor Gieves & Hawkes cuts its coat and comes back into profit
Turnaround: Gieves & Hawkes
Savile Row tailor and Royal Warrant holder Gieves & Hawkes is moving towards profit after several years in the red.
The 243-year-old company, which was bought by Hong Kong billionaire Victor Fung in 2012, reduced losses of £3.5million in 2012 to £623,000 in 2013 on sales that remained flat, at £15.2million.
Directors said: ‘The financial results for the year have improved significantly.’ They expected to break even in Britain in the ‘short to medium term’.
Last year the company embarked on an intensive brand building programme aimed at improving awareness of the label overseas.
It employed designer Jason Basmajian as new creative director. The turnaround is a welcome change to the company which made pre-tax losses of £2.7million in 2010 and £3.5million in 2011.
It closed stores in Sloane Square in London and in Birmingham, plus three concessions. It now operates eight stores including its flagship at No 1 Savile Row.
It is expanding overseas and has 112 shops in China and concessions in Japan and America.
The company holds warrants from the Queen, the Duke of Edinburgh and the Prince of Wales.
It also dressed Kevin Spacey for the American TV drama series House Of Cards.
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