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Gieves & Hawkes acquired by HK-based Li Fung Group

After the recent purchase of French fashion house of Sonia Rykiel, Hong Kong-based Li Fung Group acquired this week luxury classic menswear brand Gieves & Hawkes, a heritage British brand headquartered at 1, Savile Row.

According to WWD, Li Fung Group, already the company’s licensee in China where it operates over 100 stores, agreed to pay USD95 million for a majority stake in the British menswear company, established 1771. The company’s new owner plans further expansion in China, as well as increased presence worldwide through major luxury department stores.