High street retailer Next has purchased a 25% stake in fashion retailer Reiss, in a deal reportedly worth £200 million. Reiss is owned by US private equity firm Warburg Pincus and was put up for sale, prior to the Covid-19 pandemic. The deal, which still is subject to regulatory clearance, will see Next make an equity investment of £33 million with a debt investment of £10 million. It has been reported that Next has an option to acquire an additional 26 per cent interest at pre-agreed terms which would take its holding to 51 per cent.

It is predicted that Reiss will go live on Next's total platform in February 2022. Reiss’s websites and online operations, both in the UK and overseas, will be contracted to Next through its total platform. Reiss Cheif Executive Christos Angelides will continue to lead the business, whilst the retailer will have its own independent board of directors and will continue to be headquartered in London.