Reiss said he thought: “Why don’t I do it myself?”īut the firm has been looking for an investor to help fund overseas expansion for over a year as none of his three children wanted to run the business. The chain branched out to the US after Reiss was approached with a takeover bid by American fashion group Liz Claibourne in the early 2000s. Reiss said: “We have built a great business providing our customers with timeless luxury at affordable prices and I am confident that working together we will be able to build a truly global fashion brand.” The Duchess of Cambridge wears a Reiss dress as she meets Michelle Obama at Buckingham Palace in 2011. The chain credits the duchess for “sending the brand to stratospheric new heights”. She brought international attention to the brand when she wore a white £159 Reiss dress for her official engagement portrait and another Reiss dress when she met the Obamas. Sales were given a major boost by the Duchess of Cambridge, who started wearing Reiss clothes in 2010. The company made a profit before financial charges of of £24.4m from sales of £146m last year. It also sells online via its own website and recent partnerships with Asos and Zalando. The business, which only began selling womenswear in 2000, now operates 160 stores in 15 countries. Reiss has previously said he wanted to turn the brand into a “luxury Topshop”. The retailer said teaming up with the US investors would enable Reiss to step up expansion in North America, Asia and Australia. The management team, who share the remaining 10% stake in the business, will also remain in place. He is also staying on as chairman and chief executive. Reiss, who owned 90% of the business, will get the bumper payout and also retain a significant stake in the business.
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