Reiss set to leave rivals in shade with positive year-end results
Reiss is due to report strong sales and profit growth in the year to February 2019 at a time when many of its mid-market rivals have been struggling.
The brand, which was founded by David Reiss in 1971 and is now headed by former Next product supremo Christos Angelides, will record sales up 8.3% to £186.3m (with like-for-like sales up 13.2%) and underlying earnings up up 21.3% to £19.3m, the Sunday Times has reported.
Such results would be in stark contrast to the fortunes of other mid-market brands that have been struggling amid tough trading on the high street. LK Bennett was recently placed into administration to be bought by its Chinese franchise partner Rebecca Feng (though five stores were closed upon administration and a further 15 upon completion of the deal) and Monsoon Accessorize is said to be considering entering into a CVA to accelerate store closures.
Angelides, one of the high street's most respected figures, arrived at Reiss as CEO in February 2017. He had left Next in 2014, where he had spend nearly 28 years of his career, latterly as director of product. After a brief spell as president of Abercrombie & Fitch he returned to the UK and was appointed as a non-executive director at French Connection before being invited to Reiss to take over from its founder in a planned succession.
In 2016 prior to Angelides' arrival, Reiss sold a majority stake in the business to an affiliate of private equity house Warburg Pincus, in a deal which at the time valued the business at £230m. Reiss himself retained a "significant" stake and it is believed that the investor may now be considering its options for exit.