// Reiss parent company denies reports it is considering selling stake in the retailer
// Warburg Pincus bought a majority stake in Reiss in 2016, valuing the retailer at £230m
Reiss’ parent company Warburg Pincus has denied reports that it is considering the appointment of bankers to administer the sale of its majority stake in the retailer.
According to The Telegraph, the formal process was expected to initiate before summer.
US private equity firm Warburg Pincus bought a majority stake in Reiss from founder David Reiss in 2016, valuing the fashion retailer at £230 million.
A Reiss spokeswoman has denied the speculations that the firm was considering the sale of its majority stake.
For its financial year ending February 2, Reiss recorded an 8.3 per cent growth in sales to £186.3 million, and a 21.3 per cent rise in EBITDA to £19.3 million.
The British retailer said its growth was thanks to the reduction in promotional activity, continued investment in people, operations and infrastructure, as well as the appointment of its chief executive Christos Angelides in 2017.
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