Next to Acquire Warburg Pincus Stake in Reiss for £128 Million
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Next Plc has strengthened its control of UK fashion house Reiss, buying a 34% holding from US investment firm Warburg Pincus for £128 million ($162 million).
The fashion and homewares retailer will lift to 72% from 51% previously while the founding Reiss family’s holding will rise to 22% of the business. The deal is expected to take place in October. Reiss management will hold the remainder.