Saville Row tailor Gieves & Hawkes is to be acquired by its Chinese licensee Hong Kong menswear firm Trinity in a deal which could be worth up to £60m.

Trinity snapped up the brand and UK business of Gieves & Hawkes from a subsidiary of the Hong Kong-based Wing Tai Properties, which has owned the men’s formalwear business since 2002.

The initial purchase price paid for the business is said to be £32.5m but Trinity will also make annual payments to Wing Tai for 18 years up to a maximum amount of £60m, dependent on the future growth of Gieves & Hawkes’ Greater China business.

Gieves & Hawkes chief executive John Durnin left the retailer earlier this year after two years in the role.

Trinity holds the licensing rights for the Gieves & Hawkes brand in Greater China and has a network of over 100 Gieves & Hawkes stores in the region.

In total Trinity also owns luxury British men’s clothing brand, Kent and Curwen, which it bought in 2008, as well as Cerruti 1881, which it bought in 2010.

The British-based Gieves & Hawkes business which will be acquired by Trinity has 14 retail stores in the UK and Ireland, as well as a design studio and manufacturing facilities for bespoke men’s clothing.

“We are delighted that we will be adding Gieves & Hawkes to our stable of high-end/luxury menswear brands,” said Trinity group managing director Mr Wong Yat.

“Gieves & Hawkes is renowned for its strong heritage in fine tailoring, and its dedication to quality, and these characteristics give the brand immense appeal for discerning clients around the world.”

The transaction is expected to be completed within a month.