Next has purchased a 25 per cent stake in the fashion retailer in a deal that is worth £200M.
Owned by private equity firm, Warburg Pincus, Reiss was already up for sale prior to the outbreak of the Covid-19 pandemic. Next’s interest and purchase of a stake in the brand comes after it has successfully added hundreds of brands including Barbour, Boden and Gant to its website in recent years.
Reiss’s current Chief Executive, Christos Angelides will continue to lead the business and the brand’s headquarters will remain in London. Both Reiss’s websites and online operations will be contracted to Next through its total platform, the brand is expected to go live on Next’s total platform from February 2022.
Next Chief Executive, Lord Wolfson, commented: “Reiss is an outstanding brand with enormous potential and a first class management team. We are excited to see what can be achieved through the combination of Reiss’s exceptional product, marketing and brand building skills with Next’s total platform infrastructure.”
