What: Frasers Group has emerged as the winner in the race to buy upscale tailor Gieves & Hawkes, as expected.

Why it is important: The acquisition fits into the Frasers strategy that includes buying ‘distressed’ brands and turning them around; one of London’s oldest bespoke tailors now joins a group that includes a mix of high-end and mass-market brands and retailers, and one that remains heavily committed to physical retail.

As well as operating the brand’s stores, Frasers has the ability to do that for Gieves & Hawkes by selling the label in its existing luxury retail outlets so it would be no surprise if products started appearing in the Flannels chain and the firm’s department stores. It will be interesting to see whether Frasers maintains the brand’s ultra-luxury profile or offers a more hybrid experience with some slightly lower price points such as those seen at Hackett.

Loss-making Gieves & Hawkes has five UK stores with its flagship on London’s luxury bespoke tailoring hub, Savile Row. Its other locations are in Bath, Birmingham, Chester and Winchester. It’s understood that the stores are part of the deal.

Frasers Group is new Gieves & Hawkes owner