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(Sharecast News) - Next has agreed to purchase a 25% interest in fashion brand Reiss for £33m.
As part of the investment, Reiss's websites and online operations, both in the UK and overseas, will be contracted to Next through the retailer's Total Platform. Next will provide warehousing and distribution services for Reiss's retail, franchise, wholesale and concession businesses, all of which will continue to be operated by Reiss. It is expected that Reiss will go live on Next's Total Platform in February next year.
Reiss, which is owned by US private equity firm Warburg Pincus, will retain its management autonomy and creative independence.
Next said the intention is for its infrastructure - its online systems, warehousing, distribution assets and sourcing base - to serve as a "launch pad" for Reiss's growth plans.
Christos Angelides, who was appointed chief executive of Reiss in 2017, will remain in that role.
Next chief executive Simon Wolfson said: "Reiss is an outstanding brand with enormous potential and a first class management team. 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."
In the year to 1 February 2020, Reiss generated turnover of £227.4m through all its sales channels, up 22% on 2019. The company currently operates in 14 countries from 79 stores, 104 concessions and via wholesale and franchises.
As part of the deal, Next has an option to buy an additional 26% interest in Reiss at pre-agreed terms.
8 Feb 2023 12:14
LONDON MARKET MIDDAY: Powell offers tonic after US jobs spooked stocks
(Alliance News) - London's FTSE 100 traded not far off its best-ever level at midday on Wednesday, with equities supported by a more bullish forecast for the UK economy and Federal Reserve Chair Jerome Powell taking a softer tone than feared in a speech on Tuesday.
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