One of Savile Row’s most prestigious tailors, Gieves & Hawkes, has introduced new ready to wear and bespoke ranges into its stores and in the process, stripped out £1 million in stock, after overhauling its IT systems.
A Microsoft Dynamics management solution from K3 Retail has redesigned Gieves & Hawkes’ stock management, finance, reporting and supply chain and as a result, changed the way the company allocates stock in its 11 stores, four concessions and a recently relaunched ecommerce business. The new systems were commissioned to enable the company, famous for bespoke suits, to support growth in the off the peg market.
Supported by a new Microsoft CRM system, Gieves & Hawkes can now identify customers both online and at the point-of-sale in-store, so they can retrieve customer details and call up their transaction history, and other recorded information. This means customers can now be identified each time they come to the store or go on line. The new system has also enabled the retailer to build a new product line, from design, to sourcing, to production. As a result, it is now producing items as varied as shoes and eyewear; whereas just two years ago, 95% of merchandise sold was suit jackets and trousers.
The centralised Microsoft Dynamics ERP solution from K3 Retail, the UK’s leading provider of retail solutions based on Microsoft technology, has at its core a Central Finance Solution that enables Gieves & Hawkes to integrate stock records and finances to guarantee one version of the truth throughout the business, which has reduced errors and opened up new business opportunities.
Andrew Merriman, Chief Operating Officer of Gieves & Hawkes, comments: “Thanks to the centralised solution, staff now have the ability to see stock levels in the warehouse and across the stock estate. Therefore, if a customer asks for a tailored suit that is not available in-store at that time, staff can check if the materials are available on the system and still process the order, opening up a whole raft of opportunities for trade. K3 has revolutionised the way our staff work, and our customers have really noticed the difference and very much appreciate it.”
The retailer also now has greater visibility over stock, and has reduced its stock holding by 20% - equating to a £1m saving. In addition, its proportion of ‘new’ stock to ‘old’ stock has improved, with 90% of stock in-store now ‘new’ as per the retailer’s wishes – a higher proportion than ever before.
The flagship store in Savile Row has also been equipped with wireless PEDs that enable staff to provide service throughout the store. When measuring customers for tailored suits, staff can stay with them for the entire transaction, and so deliver a better all-round experience.
John Little, Sales Director at K3 Retail, comments, “Working with Gieves & Hawkes has proved the power that IT has today to transform the way retailers do business. IT is no longer simply an enabler of business, but a driver of it.”
About Gieves and Hawkes
For over 200 years, Gieves & Hawkes have been creating the finest handcrafted bespoke garments for the most sartorially minded men the world over. Standing at the prestigious No.1 Savile Row, Gieves & Hawkes are the home of British tailoring.
The bespoke suits are handcrafted by some of the best tailors in the world on the premises of No.1 Savile Row, and take a minimum of 60 hours of hand tailoring to complete, with each suit tailored to the clients unique measurements and personal needs. It is the ultimate investment, and will last a lifetime. In addition to bespoke, two additional services are offered – made-to-measure and ready-to-wear. A made-to-measure suit blends together the finest ready-to-wear procedures with the flexibility of bespoke, while the ready-to-wear collection presents customers with the convenience of buying a beautiful garment off-the-peg.
Gieves and Hawkes operates 11 standalone stores, 4 concessions, a recently re-launched e-commerce business as well as a rapidly expanding network of stores in Greater China.