Trinity Group, a luxury menswear retailer and a subsidiary of Hong Kong-based Li & Fung, now owns the rights to British tailor Gieves & Hawkes.

The 1 Saville Row iconic brand sold for about £92.5 million (US$147 million).

Trinity Group bought the rights from Wing Tai Properties, a Hong Kong-based company which bought Gieves & Hawkes from British shareholders in 2002. The deal gives Trinity the rights to manufacture and sell the British luxury menswear brand across Greater China and in Australia and New Zealand on a wholesale basis until 2018.

Gieves & Hawkes, whose bespoke suits has been worn by Prince William, Lord Nelson and Sir Winston Churchill, will join other brands owned by Trinity Group including Cerruti 1881 and Kent & Curwen.

Trinity Group has been operating over 100 Gieves & Hawkes stores across China as licensee. Now that it has acquired the brand, Trinity Group plans to satisfy the voracious appetite for European luxury products across the region through expansion.

“The acquisition fits in with the group’s strategy to own intellectual property rights or take on very long term licenses in high-end to luxury menswear brands with heritage,” Trinity said in a statement.

GB