Reiss achieves record performance helped by turnaround plan
British upmarket retailer Reiss reported sales of £124 million in the year to January 31, 2016, helped by a three-year turnaround plan. This was up from £111 million in the previous year.
The company said the performance was a result of a strategic plan to increase profitability by driving organic growth through its existing store network and ecommerce platform, with a streamlined and more efficient management team.
According to accounts filed of Friday, EBITDA before exceptional items was £24.7 million, up from £19.9 million in 2015.
Profit before tax amounted to £13.5 million, up from £8 million in the prior year.
The ‘affordable luxury’ brand plans to focus on international expansion and range extension. There are 6 new store openings planned in the UK this year, and the label’s first store in India is scheduled to launch in partnership with Reliance Group in the coming months.
A new format concept store, launched in Heathrow Airport, is now being rolled out to new and key stores in the portfolio.
In April, Reiss sold a majority stake of its business to US private equity firm Warbug Pincus in a deal that valued the retailer at around £230.
The company, a favourite of the Duchess of Cambridge, retails its own brand men’s and women’s fashion accessories in the UK and overseas.
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