The boss of Frasers Group said the move secured 'a long-term future' for the 250-year-old Gieves & Hawkes.
Sports Direct owner Frasers Group is buying Gieves & Hawkes, the historic Savile Row tailor, the BBC has learned.
The Frasers Group's chief executive said the move secured "a long-term future" for the 250-year-old firm. The retail giant, which was founded by Mike Ashley, emerged as a potential buyer of Gieves & Hawkes in September. It is understood all five of Gieves & Hawkes's UK stores will be part of the deal, including the flagship location at Number 1 Savile Row in London.
The shop is one of the world's most famous fashion addresses, with other stores located in Bath, Birmingham, Chester and Winchester.But it has faced uncertainty ever since its Hong Kong-based owner collapsed into liquidation last year.
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