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Reiss full-year sales surge amid global expansion

By Huw Hughes

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Business

Reiss has reported a surge in full-year sales as the premium British fashion brand continues to expand its global presence and buck the UK’s high street trend.

Total sales for the year to 1 February increased 21.9 percent to 227.4 million pounds compared to 186.5 million pounds the year before, while like-for like sales increased 21.6 percent.

EBITDA was up 51.6 percent to 29.3 million pounds compared to 19.3 million pounds the year before.

The company previously reported an 18 percent increase in total like-for-like sales during the important Christmas trading period for the 7 weeks to 18 January.

Reiss CEO Christos Angelides said in a statement: “2019 was an excellent year for Reiss on all metrics and represents the culmination of driving Reiss through 2 years of transformation. We continued to invest heavily in the design, styling and quality of our collections. Customers have noticed the improvements by purchasing more clothes at full price on a like for like basis than ever before. This has had a very positive impact on profits which climbed significantly higher than sales.

“Brand and product improvements need to be supported by strong execution. A step change in the execution of our operations and systems, both online and in the distribution of our clothes, has resulted in Reiss appealing to more customers around the world.”

Reiss lands at Nordstrom and Bloomingdales on the West Coast of America

During the year, Reiss opened 67 additional points of sale, including 18 in the UK, 17 in Europe, 29 in the US and 3 in APAC, bringing its total number of stores and points of sale to 234. Angelides noted that the US was “a stand out performer” during the year, with “extremely positive” sales and customer feedback.

The company has also committed to open a further 58 points of sale during 2020, including 14 on the West Coast of America with Nordstrom and Bloomingdales.

Angelides continued: “Going forward into 2020 we have budgeted on a more conservative basis, but we believe there is significant headroom for the Reiss brand to grow on a scalable and sustainable basis.

“We are also seeing strong growth in new customers online which is supported by an efficient customer acquisition model.

“I believe Reiss is now structurally well-positioned for long term consistent growth. Reiss' foundations are anchored to the legacy of the brand and developed with a modern and fast-paced business in mind.”

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Photo: Reiss SS20 Campaign, courtesy of the brand

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