Next is to launch a new premium branded fashion website, Seasons, as it seeks to build on the success of its Reiss acquisition.

Seasons is set to launch as a subsite before Christmas with brands including A.P.C, Ganni, Joseph, Marc Jacobs, Rixo and Veja.

The retailer said: “The exceptionally strong demand for some of our existing premium brands, such as Reiss, has shown that a significant portion of our customers actively seek out premium and luxury products.”

It comes as Next has seen shoppers buying fewer, more expensive items.

Boss Lord Wolfson said: “We’re definitely seeing more traction at the mid and higher end of our price architecture, than the base. That’s people buying fewer higher quality things.

“Now that we’ve started to sell more premium brands like Reiss we have found that within our 8 million customers there are a significant number who are interested in more premium product, and we think we can serve those customers better by putting these brands on our website.

“It’s about servicing the premium customers we’ve got better, giving them brands we think that they’ll love.”

In March 2021, Next snapped up a 25% stake in Reiss from Warburg Pincus. It has since upped its stake to 74%.

Reiss has been the star performer of all of Next’s acquisitions, leading the retail giant to up its profit forecast for the brand by £2.6m in its current year.

The premium brand’s profits are set to come in at £40.2m for the year ending January 2025, up from £24.1m last year.

The Seasons launch puts Next in battle with Frasers Group-owned Flannels, which has grown rapidly in recent years. Frasers’ premium lifestyle division, which includes Flannels, accounts for £1.2bn in sales.

However, the business has been criticised of late after snapping up a selection of premium brands and placing them into administration. This includes Matches.com, which it put into administration in March this year less than three months after buying it. It also shut Sunderland indie Aphrodite just months after it acquired it earlier this year.

Wolfson insisted it was “not betting the farm on it” on Seasons and it is investing time and effort in building the website and brand offer rather than ploughing huge amounts of money into it.

He said Next’s priority is to ensure that its third-party brands are happy with the site. “Then I think the numbers can build”.

The launch was revealed as Next upgraded its full year guidance for the second time in two months this morning as its first half pre-tax profit increased 7.1% to £453m.

The retailer added £15m to its annual forecast, which now stands at £995m – up 8.4% on last year’s profits.

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