Festive cheer for Reiss ahead of potential sales process
Fashion brand Reiss has bucked the UK high street trend to report strong sales figures over the Christmas period, as the firm’s private equity owner mulls a potential sale of the business.
The retailer, which has 82 standalone stores, said total like-for-like sales increased 18 per cent in the seven weeks to 18 January, while same store UK sales jumped 15 per cent.
Total group sales were up 21 per cent during the period, driven by total UK sales growth of 19 per cent.
The strong Christmas trading performance comes after it emerged that private equity backer Warburg Pincus is considering putting Reiss, which also has 104 department store concessions and 40 wholesale and franchise branches, up for sale.
The US firm has reportedly appointed investment bank Rothschild to launch a review of strategic options for the business.
Any potential sale – first reported by Sky News – could be launched in the second quarter of this year.
Reiss chief executive Christos Angelides said: “We are pleased that Reiss has performed strongly over the Christmas period, which is a continuation of the momentum we have seen throughout the whole of 2019.
“Our customers are responding positively to the steps we have taken to improve the quality and style of our products and we have introduced the brand to more customers both online and through additional physical points of sale.
“Looking ahead, as we start the New Year, I am encouraged by the early sell through of our Spring/Summer collections and the continued expansion of our business internationally.”