Next reportedly in talks to sell Reiss
The UK-based fashion retailer is reportedly considering selling its 51% stake in Reiss, in a deal that would value the British fashion brand at more than 500 million British pounds
According to Sky News, Next and its Reiss shareholder, Warburg Pincus, are working with bankers on an auction of the business. US investment bank Raymond James is reportedly overseeing the deal, which is already in its second rounds, “with a number of buyers circling”. The newspaper's sources say that, overall, the clothing brand could be valued at in excess of 500 million British pounds (583.5 million euros).
Next took majority control of Reiss in August 2022, when it increased its stake to 51% from the original 25% it had acquired in March 2021. The CEO of Next, Simon Wolfson, became chairman of Reiss following the purchase of the first stake, thus succeeding David Reiss, who founded his namesake brand in 1971.
To date, all parties have declined to comment.
Image Credits: zawya.com
Related Organizations
-
-
Footwear Consumer 2030
A study reflecting on the main global consumer trends and the key changes for the footwear industry.
-
World Footwear Public Calendar
Click here to subscribe an updated version of the calendar displaying the footwear trade shows.
-
-
-
Media Partners
Media Partners
-
MPA Style
Schuhkurier
ARS ARPEL
La Conceria