HONG KONG: Five directors exit Gieves & Hawkes
Gieves & Hawkes has today (25 May) confirmed that five of its directors have left the company, a month after upmarket tailor was acquired by Hong Kong based Trinity Ltd.
A spokesperson for the company told just-style the directors who have departed are Andrew Merriman, Tom Scruby, Ka Lee, Christopher Langley and Christopher Cheng Wai-Chee.
A spokesperson for the company said Lee, Langley and Wai-Chee were representatives on the board of the previous owners of Gieves & Hawkes - Wing Tai Properties. Scruby was due to retire, while Merriman's "expertise overlapped" with Trinity, since the Gieves & Hawkes was acquired. "This was a mutual agreement," the spokesperson added.
Last month, Gieves & Hawkes was acquired by Hong Kong based Trinity Ltd, part of global sourcing giant Li & Fung, for GBP92.5m (US$147.6m). The deal involved an initial payment of GBP32.5m, and then up to a further GBP60m in annual earn-out payments depending on its performance in the next 18 years.
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