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Britain's Next buys 25% stake in rival Reiss

Wed, 10th Mar 2021 11:24

LONDON, March 10 (Reuters) - British clothing retailer Next
has agreed to acquire a 25% stake in upmarket smaller
rival Reiss and has an option to take its holding to 51%, it
said on Wednesday.

Next said it will pay 33 million pounds ($46 million) for
the equity and also make a debt investment of 10 million pounds,
financed from its cash resources.

The group has an option to acquire an additional 26%
interest at pre-agreed terms. The option falls away after July
2022.

($1 = 0.7200 pounds)
(Reporting by James Davey; Editing by Kate Holton)

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