Reiss is owned by Next (the United Kingdom, LSE: NXT), which acquired the brand on 22 September 2023 for £311.2 million.[1][2] Reiss was founded in 1971 in London and was independent until 2023.
Next owns 72% of Reiss rather than all of it.
This ownership is reported in official statements but has not yet been matched to a regulatory filing.
Reiss sits above the high street on price and gained attention when the Duchess of Cambridge wore one of its dresses in an official portrait. Next acquired a majority stake in 2021. Next bought a controlling stake rather than the whole company, leaving the founder with a holding, which is how the retailer has structured several of its acquisitions.
Next is a publicly listed company headquartered in Leicester, United Kingdom, founded in 1864. Brandtree records 7 brands under its control, and it is listed as LSE: NXT.
Next is one of the largest clothing retailers in Britain and has increasingly become a platform, selling hundreds of other brands through its website and running their operations for them. That Total Platform business now generates a substantial share of profit from competitors' sales.
Brandtree records a controlling owner for 552 brands that began in the United Kingdom.
291 of them (53%) are now controlled by a company headquartered in another country; Reiss is not one of them.
NEXT bought a further 21% of Reiss in September 2023, taking its holding from 51% to 72% and, with changes to the shareholders' agreement, giving it control for the first time. NEXT had held 25% since 2021 and 51% since May 2022, but accounted for Reiss as a joint venture because key decisions needed every shareholder's agreement. Total consideration was £311.2 million, of which only £98.5 million was cash: most of the rest was the fair value of the stake NEXT already held. Remeasuring that stake produced an exceptional accounting gain of £108.6 million.
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