Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised Warburg Pincus on the sale of a 25 per cent stake in Reiss to Next Plc.. Reiss is an affordable luxury apparel brand, producing and selling high-quality, classic and contemporary men’s and women’s clothing and accessories. Freshfields advised Warburg Pincus on its original acquisition of a majority stake in Reiss in May 2016.
As part of this sale, Reiss’ websites and online operations, both in the UK and overseas, will be contracted to Next through Next’s Total Platform. Next’s Total Platform will also provide warehousing and distribution services for Reiss’ retail, franchise, wholesale and concession businesses, all of which will continue to be operated by Reiss. It is anticipated that Reiss will go live on Next’s Total Platform in February 2022.
Next Plc will also have an option to acquire an additional 26 per cent interest in Reiss which, if exercised, will increase Next Plc’s holding to 51 per cent – the option falls away after July 2022.
The Freshfields team was led by partners Keir MacLennan, Christopher Davis, May Smith and Rafique Bachour.
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