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Private equity firm Elliot Advisors has reportedly expressed interest in acquiring British fashion brand Reiss for £500m from Next and Warburg Pincus, according to Sky News.
However, it is unclear on Wednesday whether Elliott would table a formal bid for the clothing retailer and so far, around three parties are said to be involved in the bidding.
The news comes after Sky News reported that Next and Warburg Pincus were in talks with the investment bank, Raymond James last week to oversee the sale process of Reiss.
According to Sky’s report on Wednesday (21 June 2023), it remains possible that Next will decide not to sell Reiss, after it increased its stake to 51% in 2022.
A retail executive told Sky that it may try to acquire the minority stake held by Warburg Pincus instead.
Retail Sector contacted Elliot Advisors for comment.
