// Elliott Advisors is among a group of prospective bidders eyeing Reiss
// Up to three parties are also keen to buy the retailer, which is being overseen by bankers at Raymond James
US private equity firm Elliott Advisors has reportedly joined the race to take over Reiss from its current shareholders Next and Warburg Pincus.
Elliott, which owns the books retailers Foyle’s and Waterstones has expressed interest in buying the fashion brand for upwards of £500m, Sky News has reported.
Up to three parties are also keen to snap up the business, which is being overseen by bankers at Raymond James.
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However, there is a chance that Next and Warburg will not sell their stakes in the fashion retailer, according to sources.
The process could instead provide an opportunity for Next to establish a market price at which to buy out Warburg Pincus, or allow the retail giant to remain in control alongside a new equity investor, Sky News reported citing City sources.
If a sale is completed, US firm Warburg Pincus can expect to more than double its investment.
The business acquired a majority stake in Reiss in 2016, in a deal that valued the band at £230m.
Next originally acquired 25% of Reiss from Warburg Pincus in March 2021 as part of a long-term, strategic partnership and upped its stake in the fashion retailer to 51% in August last year.
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