Reiss: Investment firm Elliott reportedly enters takeover race

Investment firm Elliott Advisors is reportedly one of the parties interested in acquiring upmarket British brand Reiss.

However, it is unclear whether Elliott will table a formal bid, Sky News reported Wednesday, adding that at least three parties are said to be involved in the auction, which is being overseen by bankers at Raymond James.

The news follows a report earlier this month that British high street giant Next is considering selling Reiss.

Next and fellow Reiss shareholder Warburg Pincus are in talks with banks over a deal that could value the label at more than 500 million pounds, according to a Sky News report, which cited City sources.

However, sources also note that a sale of the brand might not materialise.

One senior retail executive suggested to Sky that the process could be a means to establish a market price and then acquire Warburg Pincus's remaining interest in the business.

Next snapped up majority ownership of Reiss last summer, upping its stake to 51 percent having originally bought a 25 percent stake back in March 2021.

As part of the deal, Reiss’ websites and online operations were transitioned to Next through its Next's Total Platform, which provides warehousing and distribution services for retail, franchise, wholesale, and concession businesses.

Next CEO Simon Wolfson became the chair of Reiss following the original stake purchase, succeeding David Reiss, who founded his eponymous label in 1971.

Sky News said Elliott and Next declined to comment on its report Wednesday.