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Eversheds Sutherland advise Next on its acquisition of a 25% stake in high-street brand Reiss

  • United Kingdom
  • Corporate - Deal alert


Eversheds Sutherland has advised Next on its acquisition of a 25% stake in high-street brand, Reiss.

The deal will see Next invest £33m and put in a loan of £10 million with the option to buy an additional 26% stake.

Founded in 1971, Reiss operates in 14 countries from 79 stores, 104 concessions and via wholesale and franchises. The transaction will see Reiss make use of Next’s considerable infrastructure to launch their growth plans in the UK and in the overseas.

This marks an extremely busy period of investment for Next, which has included the joint venture with Lbrands to acquire the UK and Ireland assets of Victoria’s Secret, the acquisition of five Debenhams sites as part of its expanding beauty business and the launch of its Total Platform service, which provides services including website systems and distribution for other businesses with Childsplay Clothing being the first website to launch.

This transaction is one a series of transactions where the Eversheds Sutherland team has assisted Next in various consumer categories.

Corporate Partner Robin Johnson led the deal supported by corporate Partner Richard Kyle, and corporate Associate Laura Allsop, further support was provided by Partner Kathryn Walters and Associate Ben Riding (banking), Partner Lesley Farrell, Principal Associate Claire Morgan and Associate Pawl Chmiel (competition), Partner Colin Askew (tax), Legal Director Amanda Smith (HR), Associate Alex Lane (pensions), Partner Simon Lightman and Principal Associate Rachel Ferguson (commercial IT), Principal Associate Lisa Highet and Associate Alexandra Emery (IP), Partner Dave Hughes and Senior Associate Heather Farrell-Boote (privacy) and Partner George Bacon (real estate).

Robin Johnson, Partner said: “We have enjoyed assisting Next during the pandemic as it reacts to the fast moving changes in the retail and consumer trends, while maintaining its physical retail offering, through its first mover technology solutions it has invested in in the online market next also offers streamline assistance to other brand owners who otherwise may have missed the shift in buying and browsing habits.”

Paul Moorcroft, Head of the Consumer Sector said: “Next is recognised as having one of the most effective on-line platforms in the market, which has clearly stood it in good stead during the pandemic; it is great to see this type of investment happening in these challenging times and to be asked to support one of our oldest and most important clients with that activity. Consumer and technology are two of 5 priority sectors of Eversheds Sutherland, which means we are extremely well placed to assist consumer businesses with the various legal challenges which arise from digitalisation. The fact the team was then able to take their knowledge into advising on this significant Saudi transaction shows how Eversheds Sutherland consumer team is a leading eCommerce retailer firm.”


Alongside our Saudi office, and led by Fahad AlDehais, Robin, Laura and team have also recently advised Fawaz Abdul-Aziz, a large Saudi-based operator of malls and retail operations, on its investment in the online trading platform Vogacloset Limited, which focuses on distributing clothing brands in the Middle East.