Next has completed 3 recorded acquisitions and 0 divestitures or spin-offs, spanning 2008 to 2023.
| Date | Type | Assets | Counterparty | Value |
|---|---|---|---|---|
| Oct 2023 | Acquisition | FatFace | — | £111.6m |
| Sep 2023 | Acquisition | Reiss | — | £311.2m |
| Jan 2008 | Acquisition | Lipsy | — | Undisclosed |
NEXT acquired 97% of FatFace on 13 October 2023 for total consideration of £111.6 million, made up of £57.6 million in cash, £53.4 million in NEXT shares and £0.6 million of loan notes. FatFace management reinvested for the remaining 3%, held through put and call options exercisable from 2027. NEXT moved the business onto its Total Platform infrastructure the following year.
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.
NEXT acquired Lipsy, a younger women's fashion brand, in 2008. It was the first brand NEXT bought outright rather than built, and it later became the template for the Total Platform arrangements through which NEXT now runs other companies' retail operations. Only the year is recorded here.
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