BRITISH billionaire Mike Ashley's Frasers Group is set to take over Gieves & Hawkes, the Savile Row-based tailor that traces its history to 1771.

The retail empire is in advanced talks to buy the renowned brand, Sky News reported last night.

Since the pandemic there has been a reduction in demand for tailored suits as workers in its core market in the City have increasingly opted to work from home.

Gieves & Hawkes holds a number of Royal Warrants and has close ties to the British armed forces. The firm's previous Hong Kong-based owners Wing Tai Properties fell into liquidation earlier this year.

(c) 2022 City A.M., source Newspaper