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Reiss sale on hold amid coronavirus crisis

Reiss’s private equity owner has delayed a potential sale of the fashion chain bcause of the coronavirus outbreak, Drapers understands. 

Private equity firm Warburg Pincus, which bought a majority stake in the retailer in 2016, appointed investment bank Rothschild to review potential options, including a sale in January

However, it has now postponed an upcoming auction of the business. 

The news comes after Reiss reported its strongest-ever annual results. Total sales rose 21.9% to £227.4m for the year ending 1 February

Reiss CEO Christos Angelides said the results “represent the culmination of driving Reiss through two years of transformation”. 

During the period, Reiss opened 67 new points of sale: 18 in the UK, 17 in Europe, 29 in the US and three in the Asia-Pacific region. It now has 234 total stores and points of sale.

Reiss and Warburg Pincus have declined to comment.

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