Reiss increases sales and profits despite “challenging year”

Reiss achieves results despite challenges.

For the fiscal year ending January 27, 2024, the women’s, men’s and children’s fashion brand reported total sales of 346 million pounds (417 million euros), Reiss said on Monday. This corresponds to an increase of 8.1 percent compared to the previous year. The pre-tax profit for the year was 10.2 percent higher than the previous year at 32.1 million British pounds.

The company emphasized that these results were achieved despite a difficult year. The cost of living crisis, high inflation, high interest rates, unusually warm weather in September and October 2023 – which affected sales of winter clothing – and supply chain challenges, among others, had a negative impact.

Reiss invested in initiatives to increase sales by developing new revenue streams, including continued growth in petite sizes and online exclusives, the luxury Atelier collection, expanded age ranges in children’s clothing and the launch of new brands. Reiss also signed a partnership with the Fromel 1 team McLaren, which is expected to generate additional income in the 2024/25 financial year. In the reporting year, the majority owner Next also acquired Warburg Pincus’ share in the group. Next now holds 72 percent of Reiss.

Reiss was founded in Great Britain in 1971 as a men’s clothing retailer and today has 262 points of sale in 11 countries worldwide. In 2000, the brand expanded its offering to include women’s fashion.