British fashion retailer Next Plc has acquired a majority stake in the Reiss brand, trade magazine Drapers reports. The transaction took place in April, but has only now been picked up by the media platform.
Next now owns 51 percent of the brand. In March 2021, it already acquired 25 percent of the Reiss shares. At the time, the group said it had the option to increase its stake to 51 percent — that option would have expired in July 2022.
Drapers reports that Reiss’ management strategy will not change. It retains its independence and its own management. The brand will continue to be led by CEO Christos Angelides and the creative team.
This translated and edited post previously appeared on FashioNunited.nl.
