Reiss (brand)

Reiss (/riːs/ Reess) is a British fashion brand and retail store chain owned and run by the founder, David Reiss.[1] The brand produces men's and women's clothing. It has 160 stores in 15 countries.[2]

Reiss

Type	Private
Industry	Fashion
Founded	1971 (1971)
Headquarters	London , England
Number of locations	160
Key people	David Reiss (founder)
Products	Clothing
Revenue	£146 million (2016)
Operating income	£24.4 million (2016)
Owner	Next PLC 72% | Reiss Family 22% | Reiss Management 6%
Website	www.reiss.com

Reiss in Victoria Quarter in Leeds

Reiss was founded in 1971, and its first store in London's Bishopsgate sold men's suits. It did not move into women's clothes until 2000.[2]

The Reiss flagship store and headquarters in London, designed by Squire and Partners, has won several awards including the RIBA Award, the BCO Award and the Civic Trust Award.[3] The brand was named Fashion Retailer of the Year in 2003 at the British Style Awards.[4]

Reiss has seen a significant increase in the number of its stores to 160 outlets worldwide, including key stores in Heathrow Terminal 5 and Westfield London as well as over four dozen locations across the United States as of 2022.[5] Reiss intends to eventually grow to 250 stores worldwide.[6]

In April 2016, a 51% majority stake was sold to the American private equity firm Warburg Pincus for £230 million.[2]

In June 2021, British clothing retailer Next agreed to buy a 25 percent stake in Reiss from both Warburg Pincus and the Reiss Family for £33 million, and also make a debt investment of £10 million, financed from cash resources.[7] Following the purchase Next announced their intention to integrate Reiss' ecommerce solutions into the NEXT Total Platform, allowing for cross channel sales on both next.com and reiss.com.[8]

In June 2022, Next increased their share of ownership in the brand to 51%, taking over majority ownership from Warburg Pincus.

In June 2023 it was reported that Next and Warburg Pincus were in talks to sell their controlling stakes in the business.[9]

In September 2023, Next PLC announced that it had agreed to acquire the entirety of Warburg Pincus' 34% interest in the Reiss Group for total consideration of £128m. Upon completion of the transaction, expected to take place in mid-October 2023, Next PLC's holding in the Reiss business will increase from 51% to 72%. The Reiss family's holding will increase to 22% and the Reiss management team will hold 6% equity in the business. [10]