Fashion chain Reiss seeks equity investor
David Reiss, founder of the fashion chain bearing his surname, is reported to be seeking a minority investor in the business.
Reiss founded the chain in 1971 and has retained complete ownership ever since.
But according to a report by Sky News UK, he is seeking an equity investor to help fund international expansion.
It currently has 130 stores, 80 of them in the UK, 20 in the US and the balance in Hong Kong, Russia, among other locations. It has a new flagship in Toronto, Canada, and 20 franchised stores in the Middle East.
According to Sky News sources, Reiss has appointed Morgan Stanley to review options for investment.
The retailer, which sells mens and womens fashion, pitches just below the luxury fashion brands, in the space contested by brands like Ted Baker and All Saints.
Reiss is believed to have posted a profit of £9 million in 2013, double that in 2014 and is on track to achieve about £25 million this current year. It’s valued in the region of £300 million.
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