Elliott mulls potential bid for Reiss - report

(Sharecast News) - Activist investor Elliott Advisors has emerged as a potential suitor for fashion brand Reiss, it was reported on Wednesday. According to Sky News, the private equity firm - which owns booksellers Foyles and Waterstones - is one of a number of suitors assessing a possible bid for the retailer. Reiss is currently owned by high street bellwether Next and Warburg Pincus, the US private equity firm.

Sky said that "at least" three parties were thought to be involved in the auction, although there was no guarantee a sale will go ahead. It is thought that Reiss, which was founded in 1971, could be valued at around £500m.

Next bought an initial 25% stake in Reiss from Warburg Pincus in 2021. It then exercised an option to acquire a majority holding last summer and acquired a further 26% in the chain.

Warburg Pincus bought the business, which has more than 60 UK shops, from found David Reiss in 2016.

Both Elliott and Next declined to comment on the report.