British luxury fashion retail chain Reiss to sell majority stake to Warburg Pincus

Reiss Holdings yesterday struck a deal to sell a majority stake to US private equity firm Warburg Pincus in a deal that values the British luxury fashion retail chain at £230 million.

Founded by David Reiss in 1971, Reiss is an international luxury fashion brand for both men and women.

The company currently operates from over 160 locations in 15 countries, generated sales of £146 million and EBITDA of £24.4 million last year.

On its website, Reiss credits Kate, the Duchess of Cambridge for "sending the brand to stratospheric new heights".

Kate gave the brand a wider following by wearing Reiss clothes during her official engagement photo and when she met the Obamas in White House.

Reiss said that the partnership with Warburg Pincus will enable it to expand further both in the UK and internationally, particularly in North America, Asia and Australia,

David Reiss will retain a significant investment in the business and will remain as chairman and CEO.

Commenting on the deal, David Reiss, said, "I am delighted to be working with Warburg Pincus as we take REISS to the next stage of its development. We have built a great business providing our customers with timeless luxury at affordable prices and I am confident that working together we will be able to build REISS into a truly global fashion brand.

Paul Best, managing director at Warburg Pincus, said, ''As long-term growth investors, we look forward to partnering with David and his team and supporting the global expansion of REISS.''