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UPDATE: Warburg Pincus denies report of plans to exit high-fashion brand Reiss

Warburg Pincus LLC is not planning to exit its majority stake in London-based fashion chain Reiss, a company spokesman said, countering a report in London's The Daily Telegraph that the firm was making preparations for a potential sale this summer.

"It is categorically untrue to say that bankers are going to be appointed to explore the sale of our investment in Reiss, or that the company is itself is up for sale," the spokesman said in a comment emailed to S&P Global Market Intelligence.

Warburg bought its stake in the upmarket fashion brand in 2016 in a deal worth £230 million, according to S&P Global Market Intelligence data.