Gieves & Hawkes slips further into red

Losses have deepened at royal tailor Gieves & Hawkes as its new Chinese owner tries to turn around the business.

The Savile Row tailor that counts princes and pop stars among its customers saw losses widen to £3.34m for the 52 weeks to 29 December 2012 from £3.26m the previous year. Sales dipped more than 5 per cent to £15.54m.

The tailor was bought by Trinity Group last April. Trinity, part of Li & Fung – the world's largest supplier to consumer brands – has been working on a turnaround plan.

In documents posted at Companies House it said: "The acquisition has gone smoothly and we have an expectation of reaching break even in the UK in the short to medium term."

The group, which has 14 stores in the UK and runs 112 Asian stores, hired Brioni designer Jason Basmajian to help improve its fortunes.