Next to put £500m fashion brand Reiss up for sale
Next up for auction is fashion brand Reiss which could value it at more than £500 million
Next is in talks about the sale of fashion brand Reiss.
Lord Wolfson’s High Street clothing company has teamed up with private equity firm Warburg Pincus, who also has a stake in Reiss, to auction the company – in a deal that Sky News says could be worth more than £500m.
They have hired bankers from Raymond James to oversee the sale, with a second round of bidding from various suitors now underway.
Reiss was founded in 1971 by David Reiss and now has over 60 stores across the UK.
We then partnered with private equity firm Warburg Pincus, who also has a stake in Reiss, to auction the company – in a deal that could value it at more than £500m
It was called “an outstanding brand with huge potential” by Next boss Wolfson when he first acquired a 25 percent stake in the company in 2021.
Next now owns 51 percent of the retailer, having increased its stake last summer. It was suggested that Next would use the auction to determine a market price to then purchase Warburg Pincus’ interest.
Next has strengthened its presence in the High Street and the internet by acquiring other retailers on the verge of collapse, such as fashion brand Joules and online sofa retailer Made.com.
Next – whose shares rose 0.2 percent yesterday – has also signed joint ventures with brands such as Victoria’s Secret and GAP UK.