Reiss sales shine under new CEO
Christos Angelides’ strategy for upmarket fashion company Reiss seems to be paying off, with the company posting a 6.7% in like-for-like sales for the six months to August.
Since taking over as CEO from the brand’s founder David Reiss in February last year, Angelides has brought in new designers and is trying to cut leases on loss-making stores, reported The Sunday Times.
Reiss’ latest collections have proved a hit with consumers, particularly online, the publication reported.
This is good news for the company after swinging to a pre-tax loss of £9.9m last year, when a series of ill-thought-out international openings impacted the brand’s profitability. In the year ended January 28, the business opened almost 20 new stores in the US, Canada and Australia.
The chain, owned by private equity firm Warburg Pincus since 2016, is emerging as an unlikely winner as rival French Connection battles the tough traditional conditions in the UK retail landscape.
Copyright © 2021 FashionNetwork.com All rights reserved.