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Reiss ploughs ahead with overseas expansion following sale

Reiss opened its first store in Australia last week, as its international expansion gathers pace.

Reiss 17 may

The premium British retailer, which is known internationally for having the Duchess of Cambridge as a customer, opened a store in the St Collins Lane mall in Melbourne on May 12.

It followed the launch of its first concession in department store David Jones in Pacific Fair, Queensland, a week earlier.

It will go into more David Jones stores, including in Sydney and Adelaide, and unveil dedicated Australian site this summer. A store in the Chadstone shopping centre, Melbourne, is scheduled to open in October.

News of the Australian expansion comes a month after private equity firm Warburg Pincus snapped up a majority stake in the retailer.

Founder David Reiss put the stake up for sale to generate the funds needed to grow it in the UK and overseas, particularly in North America, Asia and Australia.

The retailer plans to open a total of 40 international stores this year, building on its portfolio of more than 160 stores in 15 countries.

In the US, it will open two new stores in New York – on Madison Avenue and in the Westfield World Trade Center – and one in Miami this year.

It has six existing US stores, in New York, Boston and Los Angeles, and 16 Bloomingdale’s concessions.

It debuted in Canada last year with a store in the Eaton Centre in Toronto and has since opened a second store and concessions in Canadian department store Hudson’s Bay.

It will open a store in Yorkdale, Toronto, in October, and is considering other locations and concessions.

In Europe, Reiss will open its first standalone store in France at the new Polygone Riviera shopping and leisure destination at the end of May. A flagship in the Kaisergalerie arcade in Hamburg, Germany, opened last year.

Reiss’s sales rose 10% to £128m in the year to January 31 2015. Operating profits almost quadrupled to £13.7m, while group EBITDA doubled to £18.1m. However, international losses grew from £1.1m to £1.9m.




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