Multichannel fashion retailer Reiss which posted annual sales of £146 million for the year to January 31st 2016 is now majority owned by private equity firm Warburg Pincus following a deal won against competition from other funds which valued the business at £230 million. Founder David Reiss who will remain with the business as its chairman and chief executive will now lead a team to expand the operation into overseas markets with the USA, Canada and Australia firmly in sight.
Paul Best, managing director at Warburg Pincus commented “The business has built an enviable position in its core UK market, with a broad and loyal customer base. We believe there is significant opportunity to build on this success.”
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