Reiss cheers higher sales and says fashion chain will expand
Upmarket fashion retailer Reiss, which counts the Duchess of Cambridge as a fan, on Monday cheered higher revenues and profits as it outlined US expansion plans.
The chain, founded in London in 1971, saw sales jump 21.9% to £227.4 million in the year to February 1, with comparable sales 21.6% higher. Underlying profits rose 51.6% to £29.3 million.
Reiss benefited from an advertising push, which saw some of its collection feature on London’s Piccadilly Lights, new store openings and investments into design. It said customers are purchasing more full-price clothing.
Christos Angelides, chief executive, said: “2019 was an excellent year for Reiss on all metrics and represents the culmination of driving Reiss through two years of transformation.”
He also pointed to online growth.
The firm, majority-owned by US private equity company Warburg Pincus, plans to launch a number of new sites, such as opening 14 concessions on the West Coast of America, including in department stores Nordstrom and Bloomingdales.
