Next and the Reiss family have bought out private equity firm Warburg Pincus’ interest in Reiss for £128m.
The Reiss family’s stake will rise to 22%, while Next will increase its current holding to 72% when the deal completes in mid-October.
Next first bought a 25% stake in Reiss from Warburg Pincus in 2021, and increased its shareholding to 51% last year.
The Reiss management team, led by CEO Christos Angelides, will remain with the firm.
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Next CEO Simon Wolfson said: “Reiss has performed exceptionally well since we first invested in March 2021.
“This success has been driven by the strength of its brand, first class management and the benefits of total platform; we look forward to continuing to develop the business with Christos and the Reiss team”.
“Warburg Pincus has been an excellent partner throughout the term of our investment and we have enjoyed working with them during the last two years”.
Angelides hinted of further expansion at Reiss following the deal.
He said: “We look forward to continuing to focus on creating authentic and timeless collections for our customers and over the next few months we will be launching a number of new initiatives that will both expand the breadth and choice of our collections worldwide.”
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