Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We use cookies to personalise your experience; learn more in our Privacy and Cookie Policy. You can opt out of some cookies by adjusting your browser settings; see the cookie policy for details. By using this site, you agree to our use of cookies.

'Reiss is in my blood,' says founder following sale

David Reiss has vowed to retain operational control of the premium fashion chain he founded in 1971 for the foreseeable future, after announcing the sale of a majority stake to private equity firm Warburg Pincus.

David Reiss

David Reiss

“I’m not going anywhere. Reiss is in my blood,” he told Drapers earlier today.

The deal, which values Reiss at £230m, marks the first time he has opened up the business to outside investment.

“While it is never easy for a founder and entrepreneur to share control, this is the right thing for the future development of the business,” said Reiss.

“Warburg Pincus share the same business philosophy and ambitions for Reiss as me and I am genuinely excited about the opportunity to work with a global partner.”

Reiss appointed Morgan Stanley in July to review options for growing the business.

He said he went into the process “open-minded as to the right structure for an investment”. He added: “The thing that mattered most was finding the right partner.”

There are no short term plans to make significant changes to the business, he said. But Reiss added that “over time, the partnership with Warburg Pincus will help [the business] to professionalise its approach in certain areas, particularly in the international roll-out programme.”

Reiss currently trades from 160 stores worldwide. In an interview with Drapers in January 2015, Reiss said he’d like to increase this to 250.

Reflecting on that today, he said: “To be honest 250 seemed an incredibly ambitious number only two years ago. Now it feels like another milestone we will pass with ease over the next few years.”

He insisted the UK would remain its core market. “There are lots of opportunities for new stores, growth online and range extensions [in the UK]. There’s lots to do.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.