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UPDATE: Reiss owner denies reports of potential sale

The owner of fashion retailer Reiss has called reports of a potential sale of its majority stake in the business as “categorically untrue”.

According to The Telegraph Warburg Pincus was considering the appointment of bankers to administer the sale with a formal process expected to start before the summer.

However a spokesperson at Warburg Pincus has confirmed to Retail Sector: “It is categorically untrue to say that bankers are going to be appointed to explore the sale of our investment in Reiss, or that the company is itself is up for sale”.

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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.

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