Global fashion retailer Reiss has plans to gentrify its New York market with two brand new flagship stores. The glamourous brand is set to open on Madison Avenue at the new World Trade Centre early 2016. This will be the seventh store located in Manhattan.
In addition to this, the premium high street retailer has plans to under-go opening Australia’s first two stores in Melbourne. In total the business, which was founded in 1971, has close to130 stores, 80 of which are in the UK.
Reiss has stores laced throughout North America in California, Massachusetts, New Jersey, Florida, Maryland, Illinois and Virginia.
Steven Downes, Reiss’s Finance Director stated: “It’s a metropolitan brand and we’re getting that brand awareness.
“People are searching for something different and people want to have that affordable luxury.”
The brand, currently known to be worn by British royalty, has seen rises in sales by 10% to £128m in the year to last January. Operating profits reached £13.7m, four times as much as previously seen. Following such high levels of endorsement, an insider said, the business that made £9m in pre-tax profit in 2013 is expected to exceed £25m this year.
Sales surged when Reiss dresses were worn by the Duchess of Cambridge before her wedding, and models Kelly Brook and David Gandy have also declared their love of Reiss’ products.
David Reiss, said he intends to eventually grow this to 250 stores worldwide. Downes has recently employed Wall Street investment bank Morgan Stanley to enquire into offers from investors that could value the business at heights of £300m.
Downes described the expansion of the increasingly successful company as an “organic growth,” and with the brand’s recent statistic highs, Reiss’s international push is evidently justifiable.
Earlier this month, it was announced that Reiss will open its first standalone store in Hamburg, Germany in early 2016.