T.M.Lewin - Commercial Due Diligence


About the brand

T.M.Lewin, founded in 1898, is a leading provider of business and formalwear. It has c.100 stores in the UK, with additional stores across Europe, Africa and Asia, and in 2015 reported revenues of more than £100m.


The Challenge/Task

T.M.Lewin was seeking external investment to support the next phase of the business’s growth. Drawn to the opportunity for the brand in the UK and overseas, Bain Capital engaged Pragma to evaluate the business’s in-store execution and its marketing strategy, and to gauge the sentiment of consumers towards the brand.


  • A detailed market assessment of the historical, current and forecast health of the businesswear market in the UK

  • A comprehensive programme of consumer research to test the strength of T.M.Lewin’s position in the market

  • A review of in-store execution across a number of stores in the estate to identify opportunities for improvement

  • A review of the impact of specific marketing campaigns in driving sales in the short term and on the overall brand in the long term

The Result

Based on the findings from our research and our view of the brand’s potential, Bain Capital acquired a majority of the equity, alongside management.