Reiss owner mulls sale of majority stake
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The US private equity firm Warburg Pincus is reportedly mulling over the sale of its majority state in upmarket fashion retailer Reiss.
According to The Telegraph Warburg Pincus is considering the appointment of bankers to administer the sale with a formal process expected to start before the summer.
Warburg Pincus acquired a majority in the company, established in 1971 by founder David Reiss, three years ago in a deal valued at around £230m. Back in February Reiss reported a 67% drop in profits to £4.7m, despite sales growth of 8.3% to £186.3m.
The Telegraph also revealed that retail sources predict a sale could raise around £280m off pre-tax earnings of £19m. Reiss currently 160 stores across 15 countries including the US, Canada, Hong Kong and across Europe.
