The financial problems of Ruyi Group, China’s largest textiles and clothing business, impacted Savile Row this week, as Gieves & Hawkes may be forced into liquidation. Ruyi Group subsidiary Trinity which owns Gieves & Hawkes along with Cerruti1881, Kent & Curwen and D’urban, has reportedly failed to meet a repayment deadline for €250 million worth of bonds issued in September 2018 and has received a winding-up petition from banking giant Standard Chartered. Liquidators are understood to be seeking a buyer for Gieves & Hawkes which occupies 1 Savile Row as well as a further 58 stores in 25 cities.
Shandong Ruyi had also acquired Sandro, Maje & Claudie Pierlot (SMCP), Bally, Aquascutum, and TM Lewin as part of a major drive to create a stable of prestigious international brands but has been hit hard by the impact of coronavirus as well as a slowing of the Chinese economy.
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