Fashion Investments and M&A

Date: September 2023
Buyer: Next
Target: Reiss
Business: Women's fashion
Value: £128m
Details: Next has increased its shareholding in Reiss from 51% to 72%, after an acquisition by Next and the Reiss family of a 34% stake from private equity firm Warburg Pincus for £128m. Warburg Pincus has been a shareholder in Reiss for the last 7 years. The acquisition values Reiss at almost £400m - £376m - and means Next now hold 72% of the shares in Reiss, whilst the Reiss family hold 22%, and the company’s management team hold 6%. It is the latest in a series of High Street investments and acquisitions by Next, though marks a change from the distressed sellers and pre-pack acquisitions it has favoured of late.