Reiss
TypePrivate
IndustryFashion
Founded1971 (1971)
Headquarters
London
,
England
Number of locations
160
Key people
David Reiss (founder)
ProductsClothing
Revenue£146 million (2016)
£24.4 million (2016)
OwnerNext PLC 72% | Reiss Family 22% | Reiss Management 6%
Websitewww.reiss.com
Reiss in Victoria Quarter in Leeds

Reiss (/riːs/ Reess) is an English fashion brand and retail store chain owned and run by the founder, David Reiss.[1] The brand produces men's and women's clothing. It has 160 stores in 15 countries.[2]

Reiss was founded in 1971, and its first store in London's Bishopsgate sold men's suits. It did not move into women's clothes until 2000.[2]

The Reiss flagship store and headquarters in London, designed by Squire and Partners, has won several awards including the RIBA Award, the BCO Award and the Civic Trust Award.[3] The brand was named Fashion Retailer of the Year in 2003 at the British Style Awards.[4]

Reiss has seen a significant increase in the number of its stores to 160 outlets worldwide, including key stores in Heathrow Terminal 5 and Westfield London as well as over four dozen locations across the United States as of 2022.[5] Reiss intends to eventually grow to 250 stores worldwide.[6]

In April 2016, a 51% majority stake was sold to the American private equity firm Warburg Pincus for £230 million.[2]

In June 2021, British clothing retailer Next agreed to buy a 25 percent stake in Reiss from both Warburg Pincus and the Reiss Family for £33 million, and also make a debt investment of £10 million, financed from cash resources.[7] Following the purchase Next announced their intention to integrate Reiss' ecommerce solutions into the NEXT Total Platform, allowing for cross channel sales on both next.com and reiss.com.[8]

In June 2022, Next increased their share of ownership in the brand to 51%, taking over majority ownership from Warburg Pincus.

In June 2023 it was reported that Next and Warburg Pincus were in talks to sell their controlling stakes in the business.[9]

In September 2023, Next PLC announced that it had agreed to acquire the entirety of Warburg Pincus' 34% interest in the Reiss Group for total consideration of £128m. Upon completion of the transaction, expected to take place in mid-October 2023, Next PLC's holding in the Reiss business will increase from 51% to 72%. The Reiss family's holding will increase to 22% and the Reiss management team will hold 6% equity in the business. [10]

References

  1. ↑ "Why Reiss is not for sale". Telegraph.co.uk. London: The Daily Telegraph. 30 July 2006. Retrieved 25 September 2007.
  2. 1 2 3 Wood, Zoe (13 April 2016). "Reiss sold to US private equity firm". the Guardian.
  3. ↑ "Reiss wins RIBA and BCO Award", 1 May 2009. Retrieved 2010-03-08.
  4. ↑ Dong, Elaine (27 April 2008). "Reiss arrives". thestar online. Archived from the original on 4 June 2011. Retrieved 25 August 2011.
  5. ↑ "David Reiss, Managing director, Reiss". 12 December 2008.
  6. ↑ "International Stores". REISS.
  7. ↑ "Next Buys 25% Stake in Reiss". The Business of Fashion. 10 March 2021. Retrieved 17 August 2023.
  8. ↑ Tugby2022-02-16T07:22:00, Luke. "Reiss overhauls online fulfilment offer as it launches on Next Total Platform". Retail Week. Retrieved 17 August 2023.{{cite web}}: CS1 maint: numeric names: authors list (link)
  9. ↑ "Next and Warburg Pincus in talks about £500m Reiss sale". Sky News. Retrieved 17 August 2023.
  10. ↑ "Acquisition of Warburg Pincus' Interest in Reiss". Next PLC. Retrieved 1 September 2023.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.