Reiss (brand)
English fashion brand From Wikipedia, the free encyclopedia
Reiss (/riːs/ Reess) is an English fashion brand and retail store chain. The brand produces men's and women's clothing. It has 160 stores in 15 countries.[1]
 | |
| Company type | Private |
|---|---|
| Industry | Fashion |
| Founded | 1971 |
| Headquarters | London , England |
Number of locations | 160 |
Key people | David Reiss (founder) |
| Products | Clothing |
| Revenue | £146 million (2016) |
| £24.4 million (2016) | |
| Owner | Next plc 72% | Reiss Family 22% | Reiss Management 6% |
| Website | www |
Reiss was founded by David Reiss in 1971.[2] Its first store in London's Bishopsgate sold men's suits. It began to sell women's clothes from 2000.[1]
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.[1]
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's e-commerce 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's 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
External links
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