Reiss investor postpones sale of business due to Coronavirus
The investor of premium fashion retailer Reiss has reportedly said the potential sale of its business has been delayed due to the Coronavirus outbreak.
The Sunday Telegraph reported that investor Warburg Pincus postponed the upcoming acquisition of the fashion retailer ahead of closing its own offices and limiting business travel for employees, as COVID-19 continues to impact the retail industry.
In 2016, Warburg, took a majority stake in the fashion retailer and appointed Rothschild to conduct a review in January.
The news follows after a period of impressive growth from the brand. For the year to 1 February 2020, Reiss’ total sales increased by 21.9 per cent to £227.4 million, compared with £186.5 million in 2018 as a results of new partnerships and global expansion, particularly in the US.
EBITDA increased by 51.6 per cent to £29.3 million, compared with £19.3 million in 2018, whilst full-year like-for like sales increased by 21.6 per cent.