Thu, 11 Mar 2021 | BUSINESS SALE
Next Plc has announced that it has purchased a 25 per cent stake in high street fashion chain Reiss, in a deal said to be worth around £200 million.
The brand has also revealed that it plans to invest £33 million into Reiss once the current investment has been cleared and will spend an additional £10 million to help the struggling chain clear debts and expand.
Reiss is known for offering a designer take on more traditional high street brands and is a favourite among celebrities and royalty. This reputation has seen the label deliver strong sales growth in recent years, despite the increasing pressure facing high street stores.
According to Next chief executive Simon Wolfson, this growth was one of the main reasons for striking the deal with the brand, offering "huge potential" for investors. He added that he hopes the infrastructure capabilities at Next will provide Reiss with a much-needed "launch pad" for growth in the UK and overseas.
"Reiss is an outstanding brand with enormous potential and a first-class management team," he said. "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."
The partnership is the latest in a series of high street acquisitions, one of which saw Next become a franchise partner for the UK branch of Victoria's Secret.
Based in Leicestershire, the brand's drive to invest is a reflection of its recent success, with strong online sales during the COVID-19 pandemic and quick implementation of strategic plans at the beginning of the first lockdown.
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