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Reiss full year EBITDA soars 44%

Premium retailer Reiss has reported EBITDA soared 44% to £13.1m in the full year to January 31.

The retailer said it had benefitted from a rebranding driven by its new sub brand, Reiss 1971, which it said was the starting point to making the brand “much cooler and sexier” and broadening its international appeal. 

Worldwide sales, excluding franchise sales, increased from £85m to £95m.

The retailer now trades from 114 stores in 14 countries. It cut its losses in the US from £1.9m to £1.6m on an EBITDA level over the year.

Reiss said now was a “pivotal moment” for its development as a global brand. It plans for its international division to outgrow its UK business and double total group sales in the next three to four years.

The retailer said the reinvigoration of the brand has put it on a stronger footing to continue its international expansion. It hired former Karen Millen international boss Sanjay Sharma in October to head its overseas business.

It opened its first store in Russia and a new store in Copenhagen, Denmark last year and has continued its expansion this year with stores in St Petersburg, Russia, a concession within Bloomingdales in New York.

By the end of the year the retailer will open a further store in Russia and its first owned store in Hong Kong.

Renewed branding, which highlights Reiss’ sexier image, was rolled out to a “significant” number of stores according to the retailer and a major refurbishment programme was kickstarted last year.

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