Next mulls £500m sale of Reiss
Fashion retailer Next is reportedly considering the sale of its 51% stake in Reiss, in a deal worth over £500 million.
The retail giant is in talks over an auction of the business, with a raft of unknown buyers already circulating, Sky News reported.
According to reports, Next is said to be working with investment bankers at Raymond James to arrange the sale.
The news service company further reported that the auction was in its second round, with several parties showing interest in the clothing chain.
However, Sky News reported, citing sources close to Next, that it is doubtful that the company would sell the 51% stake.
At the time of its initial investment in Reiss, which has 60 stores across the UK, Next CEO Simon Wolfson said: “Reiss is an outstanding brand with enormous potential and a first-class management team.
“We are excited to see what can be achieved through the combination of Reiss’s exceptional product, marketing and brand-building skills with Next’s Total Platform infrastructure.”
Reiss was founded in 1971 and offers men’s and women’s clothing and accessories. It operates through physical stores, online retail, wholesale, licensing, franchise and concession.
