Reiss increases sales and profit despite "challenging year"

For the year to January 27, 2024, women’s, men’s and children’s fashion brand Reiss reported total sales of 346 million pounds, an increase of 8.1 percent versus the previous year.

The company said in a filing that pre-tax profit for the year of 32.1 million pounds was 10.2 percent above the last year.

The company added that it managed to achieve these results despite a difficult year burdened with cost-of-living crisis, high inflation, high interest rates, unseasonably warm weather in September and October 2023 impacting sales of winter clothing, and supply chain challenges.

Reiss invested in initiatives to boost sales by developing new revenue streams like continued growth in petites and online exclusives, luxury Atelier collection, expanded age ranges in children’s wear and the addition of new brands. Reiss also signed a partnership with McLaren that is expected to add to its revenue in 2024/25.

During the year under review majority owner Next acquired Warburg Picanus’ stake in the group. Next now owns 72 percent of Reiss.

Established in the UK as a menswear retailer in 1971, Reiss today has a global presence through 262 points of sale in 11 countries. The brand entered the womenswear market in the year 2000.