Next is reportedly planning to sell British fashion brand and retail store chain Reiss at a valuation of over £500 million.

Next took a 25 per cent stake in Reiss from private equity firm Warburg Pincus in 2021 before choosing to increase it to 51 per cent and become the fashion brand’s majority stakeholder last year under pre-agreed terms.

According to Sky News, the High Street mainstay and Warburg Pincus, which assumed majority control of the brand in 2016, are working with investment bank Raymond James over a potential sale.

Sources also told the news service that the auction facilitating the sale is in its second round with a “number of buyers circling,” although the identity of any potentially interested buyers remained unclear.

Another senior retail executive told Sky News that Next may not even be looking to sell its 51 per cent stake and suggested it could be using the process to establish a market price and then acquire Warburg Pincus's remaining interest.

Emerging from the pandemic and a difficult period for sales Next has been scooping up flagging brands in a similar strategy to Mike Ashley’s Frasers Group.

Next acquired British retailer Cath Kidston for around £8.5 million earlier this year after it fell into administration for the second time in two years.

In late 2022, Next acquired fashion brand Joules and the IP of online homeware retailer Made.com after their respective collapses.

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