Reiss annual profits jump 13 percent, eyes new markets for growth

Luxury fashion label Reiss has registered profits after tax increase of 13 percent to 12.5 million pounds (18.4 million dollars) for the year ended January 31, 2016. Sales witnessed a 12 percent rise to 145 million pounds (214 million dollars). The British label is now exploring international markets such as New York, Miami and Toronto, where it will open new stores.

The company’s shareholders, including founder David Reiss have bagged 5.5 million pounds (8.1 million dollars) in dividend for the year. In April, Warburg Pincus had acquired a majority stake in the company for over 100 million pounds (147 million dollars) to fuel its international expansion plans in North America, Asia and Australia. The company launched 26 new international stores and concessions in 2016, along with six additional UK branches.

The last trading year has been the best for the company after it reported losses three years ago on the back of heavy investments into its online operations and international expansion. The company then implemented a three year strategic plan in 2013, to improve profitability and brand visibility, which has worked in its favour.

picture:reiss.com