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, theclothing brand could be valued at in excess of 500 million British pounds(583.5 million euros).
Next tookmajority control of Reissin 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.