London-based tailor Gieves & Hawkes stripped out GBP1m in stock and was able to diversify its range of products by upgrading its IT systems, according to software provider K3 Retail.

K3 supplied a Microsoft Dynamics management solution which redesigned Gieves & Hawkes’ stock management, finance, reporting and supply chain, changing stock allocation to the company’s 11 stores, four concessions and its e-commerce business.

As well as identifying previous customers both in-store and online, the system is said to have supported the company’s growth in the off-the-peg market, allowing it to build a new line from design to production.

Gieves & Hawkes is now selling a range of products including eyewear and shoes, whereas two years ago, 95% of its merchandise was suit jackets and trousers.

“Thanks to the centralised solution, staff now have the ability to see stock levels in the warehouse and across the stock estate,” said Andrew Merriman, Gieves & Hawkes COO.