British clothing retailer Next increases its stake in Reiss to 51%

Next, the clothing retailer from the UK, has upped its stake in Reiss to 51 per cent.

It all started in 2021, when as a part of a long-term partnership, the British fashion retailer had bought 25 per cent stake in Reiss, which valued £ 200 million.

Back then Next had said that it had an option to buy another 26 per cent stake in British fashion brand Reiss at pre-agreed terms. The option would fall away after July 2022.

The retailer has said that the option to up its stake to a majority shareholding (at 51 per cent) was exercised in April 2022.

Next believes Reiss can now benefit from former’s extensive infrastructure capabilities – in addition to serving as a launch pad for the latter’s growth plans in the UK and overseas.

Reiss will continue to retain management authority.

The British clothing retailer generates £ 3,284.1 million and is also known for its footwear and home products.