Acquisition closed

Next acquires Reiss (2023)

Next completed the acquisition of Reiss on 22 September 2023 for £311 million.^[1]

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.