Gieves & Hawkes, the bespoke tailoring business, could be a step nearer to closing down as the problems facing its parent company continue to weigh on its operations and a crunch creditor vote looms next week.
European Topsoho, owner of the SMCP group and a subsidiary of China's troubled Shandong Ruyi group, seems unable to repay its bond debt maturing on Tuesday, and its creditors might acquire a stake in the company.
Shandong Ruyi, the Chinese group that owns a raft of European brands, continued to struggle in H1. Turnover fell 20.43% with the clothing category down 44.67% and the share of revenue it accounted for dropping sharply.
After Cerruti 1881’s owner Trinity was bought by Shandong Ruyi in 2017, the menswear label began an in-depth restructuring operation involving cuts to its staff and stores. It will not show in Paris in January 2020.