- Huw Hughes
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Premium British fashion brand Reiss continues to buck the UK high street
trend by reporting strong sales figures over the important Christmas
period.
The company, which is present in 15 markets with 226 points of sale,
reported an impressive 18 percent increase in total like-for-like sales in
the 7 weeks to 18 January, with UK like-for-like sales up 15 percent. Total
group sales grew 21 percent in the same period, while UK sales grew 19
percent.
“We are pleased
that Reiss has performed strongly over the Christmas period, which is a
continuation of the momentum we have seen throughout the whole of 2019,”
CEO of Reiss Christos Angelides said in a statement. “Our customers are
responding positively to the steps we have taken to improve the quality
and style of our products and we have introduced the brand to more customers
both online and through additional physical points of sale.
“Looking ahead, as we start the New Year, I am encouraged by the early
sell through of our Spring/Summer collections and the continued expansion
of our business internationally.”
Reiss continues to report strong sales growth
Last month it was reported that Warburg Pincus, which took a majority
stake in the fashion chain in 2016, was considering a sale of the strongly
performing brand. According to Sky News, the company has appointed
investment bank Rothschild to review its strategic options. While Warburg
Pincus could retain its stake in the brand for a longer period, sources
told Sky that the likeliest outcome would be a sales process that could be
launched during the second quarter of 2020.
The premium brand has 82 standalone stores, 104 department store
concessions and 40 wholesale and franchise points of sale including
Nordstrom in the US and Shinsegae in South Korea.
The strong Christmas figures reported by Reiss are particularly
impressive against a broader backdrop of bleak British retail. Big-name
British retailers announcing store closures this month include Debenhams,
Arcadia and Asda. According to the Centre for Retail Research (CRR), a
total of 9,949 retail jobs have already been lost in the UK since the
beginning of the year.
Photo: Reiss SS20 Campaign, courtesy of the brand
