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Reiss profit to double after autumn surge

Reiss is on track to more than double its profits in the current financial year after a strong autumn 13 season and the restructure of its senior management team.

Founder and chief executive David Reiss told Drapers that like-for-like autumn 13 sales were running at almost 20% above last autumn, while profits at the premium retailer are expected to more than double during the year to January 2014.

“We were expecting this because of the infrastructure and changes we put in place [this year],” said Reiss. “Our growth strategy will be achieved with a streamlined team, more defined brand identity, better pricing architecture and new concept stores.”

Earlier this year, brand director Andy Rogers and ecommerce director Dan Lumb stepped down from the business after five and two years respectively shortly after the promotion of James Spreckley to creative director. “I am delighted to be working with a creative and brand director who fully shares my vision for Reiss,” said Reiss.

International expansion will play a key role in Reiss’s strategy for 2014, with four stores set to open in the Philippines and five more concessions in US department store Bloomingdale’s. Reiss told Drapers he was in talks with partners about opening stores in Australia, China and South Africa, and has plans for additional stores in Europe.

The news comes after Reiss reported sales of £113m for the year to January 31, 2013, up from £100m in the same period in 2012, but UK EBITDA fell from £11.2m to £7.2m as a result of investment into overseas markets. Online sales showed “particularly strong growth”.

Last month, Reiss unveiled its new store concept in Bluewater and Newcastle, and plans to roll out the concept across key existing stores.

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