Gieves & Hawkes sales slip 5.7% in “challenging” retail climate

Gieves & Hawkes trading update Savile Row Shandong Ruyi
Despite a sales decline, online revenues were up 32% on the previous year
// Gieves & Hawkes posts 5.7% fall in turnover to £11.6m in the year ended December 31, 2018
// Online revenues up 32% on the previous year thanks to improved website

Gieves & Hawkes has said it has turned pre-tax losses of £1.6 million into a pre-tax profit of £0.15 million in the year ended December 31 2018, and is aiming to increase its presence across Europe.

The menswear tailor on London’s Savile Row is owned by Chinese textile group Shandong Ruyi.

The retailer reported a 5.7 per cent fall in turnover to £11.6 million, according to accounts recently submitted with Companies House.

READ MORE: Spotlight: Savile Row

However, thanks to a wide range of product offers as well as an improved website, online revenues were up 32 per cent on the previous year.

Meanwhile, Gieves & Hawkes said it is able to complete its goal of becoming a global brand by capitalising on Shandong Ruyi’s strong foothold in European markets.

Despite a sales decline, the retailer said it is confident in the menswear sector, saying all products areas showed growth potential in the year ended December 31, 2018.

Gieves & Hawkes’ key priority is its customisation service, which it said differentiates the brand from other retailers.

Earlier this week, it was reported that £35 million of fashion and textile exports from the UK will be subject to new tariffs from the US next week.

Savile Row and other UK tailors who export their wares are expected to be hit with the 25 per cent tariffs on suiting and cashmere sweaters.

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