Warburg Pincus to sell shares in Reiss to Next

Private equity firm Warburg Pincus and the Reiss family agreed to sell a 25% indirect interest in U.K. fashion brand Reiss Ltd. to online clothing retailer Next PLC.

Next will make an equity investment of £33 million and a debt investment of £10 million to be financed from its cash resources. The company also has an option to acquire an additional 26% interest, with the option expiring in July 2022.

Warburg acquired a majority stake in Reiss in 2016 and the Reiss family owns a minority holding. Christos Angelides will remain CEO of the business, which will retain its management and creative independence. It will also have its own board of directors and continue to be based in London. Reiss is expected to go live on Next's Total Platform in February 2022.