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Reiss eyes international growth

Reiss will use a year of record sales and profits to fuel its global expansion, including plans to open 40 new international stores and concessions by the end of 2016.

The family-owned premium fashion retailer reported a 10% rise in sales to £128m in the year to January 31 2015. Operating profits almost quadrupled to £13.7m.

Group EBITDA doubled to £18.1m. However, its international losses widened from £1.1m to £1.9m.

The company said group like-for-likes increased “significantly” but did not provide more detail.

Similarly, it said its ecommerce operation continued to grow, without providing figures. In addition to its own site, Reiss sells through and launched with Very Exclusive and Zalando during 2014.

In March, Reiss opened its new minimalist concept store in Heathrow Terminal 5, followed by the re-opening of an enlarged Brent Cross store. It is rolling out this format to any new stores.

“This year was the second of the three-year strategic plan to increase profitability by driving organic growth through the existing store network and, with a streamlined and more effective management team,” the company said.

Reiss now plans to open two flagship stores in New York, on Madison Avenue and in the World Trade Center, as well as three concessions with Bloomingdale’s next spring.

It already has five outlets in New York and others in California, Massachusetts, New Jersey, Florida, Maryland, Illinois and Virginia.

A further two stores have been secured in Toronto, and there are plans for additional concessions with Canadian department store Hudson’s Bay.

It is also readying to enter Australia with the opening of two stores in Melbourne and a launch online with the David Jones department store group.

It has four franchise stores in the Philippines and is in the process of finalising locations in India through Reliance Group.

Earlier this month, it was revealed that Reiss will open its first standalone store in France in early 2016.

In total, the business, which was founded in 1971, has 130 stores in 12 countries, 80 of which are in the UK.

Reiss’s founder, David Reiss, previously said he intends to grow this to 250 stores worldwide.

The 72-year-old is considering the sale of a minority stake in the business. He has hired US investment bank Morgan Stanley to explore options. A spokeswoman for Reiss said the process is still ongoing.

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