| Reiss | |
| Type: | Private |
| Location City: | London |
| Location Country: | England |
| Locations: | 160 |
| Key People: | David Reiss (founder) |
| Industry: | Fashion |
| Products: | Clothing |
| Revenue: | £146 million (2016) |
| Operating Income: | £24.4 million (2016) |
| Owner: | Next PLC 72% Reiss Family 22% Reiss Management 6% |
Reiss 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]