(Alliance News) - Next PLC on Wednesday announced it has acquired a 25% stake in clothing brand Reiss Ltd, with an option to buy a further 26% interest until next July.
The FTSE 100-listed clothing retailer said it will make an equity investment of GBP33 million in Reiss and a debt investment of GBP10 million from its own cash resources.
Christos Angelides, who previously held the role of group product director at Next, will remain the chief executive of Reiss.
Reiss' website and online operations will be contracted to Next through the Next Total Platform, which will provide warehousing and distribution services for Reiss' retail, franchise, wholesale and concession businesses. It is anticipated Reiss will go live on the platform in February 2022.
"I believe the partnership with Next will be transformational for Reiss's operational effectiveness. Next's infrastructure will ensure Reiss is not only more efficient as a business but more effective at serving its customers directly through Reiss stores, at reiss.com and through its worldwide partners. Whilst we will continue to focus on creating authentic and timeless collections, today's announcement provides a great opportunity for Reiss to realise the brand's global potential as a modern fashion house," said Angelides.
Shares in Next were down 0.3% at 7,494.00 pence in London on Wednesday.
By Zoe Wickens; zoewickens@alliancenews.com
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Next (NXT)