Next acquires a 25% equity stake in Reiss in a move which combines design and creativity of the brand with Next’s operational infrastructure.
Fashion retailers Next and Reiss have revealed a long-term strategic partnership.
The move sees Next acquire a 25% equity stake in Reiss – combining the authentic design and creativity of the Reiss brand with Next’s operational infrastructure.
As part of the agreement, Reiss will transition its online platform, warehouse, distribution and logistics to the Next Total Platform where Reiss can benefit from the infrastructure capabilities and can serve as a launch pad for Reiss’s growth plans, both in the UK and overseas.
Reiss will maintain its management autonomy and creative independence, with Christos Angelides remaining as chief executive.
Reiss, which is entering its 50th year, achieved turnover of £227.4 million in the year to 1 February 2020 through all its sales channels, an increase of 22% on the prior year.
The company currently operates in 14 countries from 79 stores, 104 concessions and via wholesale and franchises.
“Reiss is an outstanding brand with enormous potential and a first class management team,” commented Simon Wolfson, chief executive at Next. “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.”
Christos Angelides, Reiss chief executive, added: “I believe the partnership with Next will be transformational for Reiss’ 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.
“While 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.”
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