Reiss has revealed its 331% increase in profit after tax to £6.9m for the year to January 31, driven by full-price and online sales. Their sales increased 13.2% to £11m for the year, whilst EDITDA almost doubled, up 94% to £20m. The premium retailer said online full-price sales “grew significantly” both on its own website and on third party sites. During the year Reiss signed up to Zalando and Very Exclusive. It was already available on ASOS. Reiss has said it is in its second year of its three-year plan to increase profitability by driving organic growth through their store network and online, which they are achieving through their “streamlined and more effective” management team.
In July it was reported that David Reiss, the founder and current owner and Managing Director, appointed investment bank Morgan Stanley to review its option for international growth for the business. It was suggested that selling a minority stake to external investors for the first time may be an option.