Next spends £128m to raise stake in Reiss to 72%

Sky News reported in June that Next and fellow minority Reiss shareholder Warburg Pincus were working on a sale of the business and that a number of buyers were "circling".

However, Next announced on Friday it is instead partnering with the Reiss family to buy up the entirety of Warbug Pincus's 34% interest.

Following regulatory approvals, Next will increase its stake from 51% to 72%, the Reiss family holding will rise to 22%, while the remaining 6% equity will be held by the Reiss management team.

Simon Wolfson, Next's chief executive, said: "Reiss has performed exceptionally well since we first invested in March 2021. This success has been driven by the strength of its brand, first class management and the benefits of Total Platform."

Reiss's website and online operations have been part of Next's Total Platform since February 2022.

Reiss's chief executive, Christos Angelides, has been at the helm of the retailer since 2017, having previously worked for Next for 28 years, half of which was as its product director.

"We look forward to continuing to develop the business with Christos and the Reiss team," Wolfson said.