September 2023

LONDON — British high-street retailer Next on Friday revealed that it and the Reiss family have agreed to accumulate all of personal equity firm Warburg Pincus’ 34 percent interest within the Reiss Group for 128 million kilos. The transaction, which is anticipated to happen in mid-October, would see Next’s holding within the brand go up from 51 to 72 percent. Meanwhile, the Reiss family’s share will increase to 22 percent, with the remaining 6 percent held by the Reiss management team. Warburg Pincus acquired a majority stake from the Reiss family in May 2016. Next said the deal wouldn't contribute to the underlying profitability of the group, but there could be a non-recurring, non-cash, exceptional gain in its accounts within the period. The...