Reiss gets royal boost as luxury retailer defies high street gloom to post sales rise
Upmarket fashion retailer Reiss has bucked the downward trend on the high street, posting double-digit sales growth in its full-year results.
Read more: Retail sales jump higher than expected in March
The figures
Like-for-like sales rose 13.2 per cent in the year to the beginning of February.
Total sales were up 8.3 per cent to £186.3m.
Earnings before interest, tax, depreciation and amortisation increased 21.3 per cent to £19.3m.
Why it’s interesting
Reiss boss Christos Angelides, who was appointed in 2017, has embarked on a transformation plan to refresh the brand image of the high-end retailer.
The firm, whose clothes are popular with celebrities and royalty, including the Duchess of Cambridge, defied a period of torrid trading to post strong sales growth.
The figures come as womenswear chain LK Bennett braces for a string of store closures after it was bought out of administration by its Chinese partner.
Reiss said it had benefited from reduced discounting, with a focus on full-price sales boosting its margins. Last year it also launched its online presence with US luxury department store chain Nordstrom.
Reiss, which currently operates from roughly 190 locations worldwide, will launch a new shoe and accessories collection this year and will open 40 new sale locations.
Read more: Revealed: All 15 LK Bennett stores set to close in Chinese sale
What Reiss said
Chief executive Christos Angelides said: “The initiatives we put in place to refresh the brand and product offer, both in store and online, have resonated well with our customers resulting in healthy sales and EBITDA growth for 2018.
“Last year, we continued a programme of investment across all areas of the business, that specifically focussed on upgrading the design and quality of the Reiss product offer. This, coupled with operational improvements, has delivered a step change in performance.”