Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Next has reportedly upped its stake in Reiss to 51%, having previously acquired a 25% equity stake in Reiss back in March 2021, which was valued at around £200m, as part of a long-term, “strategic” partnership.
It is reported that Next would’ve had an option to acquire an additional 26% interest at pre-agreed terms. However, the option, which would take Next’s holding to 51%, was no longer available as of July 2022.
Drapers was told by Next that the option to increase its stake to a majority shareholding of 51% was exercised in April 2022.
Reiss reportedly transitioned its online platform, warehouse, distribution and logistics to the Next “Total Platform” last year, which is said to host third-party brands. The platform, which launched in 2020, was said to “enable Reiss to benefit from its extensive infrastructure capabilities.
Next reportedly claimed the platform would serve as a “launch pad for Reiss’s growth plans, both in the UK and overseas”.
Reiss continues to retain management authority and has its own independent board of directors based at its London headquarters. The business also continues to be led by CEO Christos Angelides and his creative team.
Meanwhile, Drapers confirmed earlier this week that Next is in discussions to buy a £15m stake in struggling clothing and lifestyle retailer Joules.
Next and Reiss have been contacted for their comment.
