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Reiss sales growth driven by online demand

Fashion retailer Reiss has experienced a 6.7% increase in like-for-like sales for the six months to August, The Times reports.

As other fashion retailers were challenged by the summer heatwave and dealt with it to varying degrees of success, upmarket Reiss saw year-on-year sales for August alone jump 15%, according to the publication, which said online demand was a key factor in the company’s performance.

Former Next executive Christos Angelides was named CEO in 2017, as founder and chairman David Reiss scaled back responsibilities prior to selling his majority share in the business. The initial ranges overseen by Angelides are seemingly performing well off the back of new designers being brought in to the retailer.

In its last reported financial year, Reiss – which is now majority owned by private equity firm Warburg Pincus – reported a £9.9 million pre-tax loss, with poor stock availability and issues around the business’s global expansion cited as holding the retailer back.

Earlier this year, Reiss entered into a five-year licensing agreement with Hong Kong-based Global Brands Group (GBG) – the fashion retailer’s first move of this type.  

As part of the collaboration, Global Brands is tasked with designing, manufacturing and distributing a range of Reiss’s women's and men's footwear, bags and small leather goods. The new ranges are expected to appear in stores from spring/summer 2019.

“I am confident that GBG’s strong product development and sourcing skills, across footwear and bags, coupled with their extensive global distribution network, will allow Reiss to create more great product and reach more customers around the world,” explained Angelides.

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