Reiss profits drop amid global openings

Operating profit dropped 11% from £17.3m to £15.2m in the year to January 28, 2017. The profit drop marks a stark contrast to the previous year, when Reiss posted a 55.9% spike in pre-tax profit.

Total sales rose 13% to £164.5m as Reiss invested in global store openings across the US, Canada and Australia and launched a new ecommerce platform.

Founder, chairman and former chief executive David Reiss appointed the highly regarded Christos Angelides, a former Next executive, as his successor earlier this year.

Angelides spent 28 years at Next, ultimately becoming the retailer’s group product director, and is widely credited for the transformation of its fashion proposition.

Other key hires during the year include head of international Andy Lawrence, who joined from Ralph Lauren, and group trading director Karl Doyle, formerly of Mothercare, M&S and Next director as its new group trading director.

David Reiss said: “Reiss continues to grow and develop benefitting from our excellent product offering together with domestic and international expansion.

“With a new chief executive in place and a strengthened management team, we look forward to continuing to invest in the business in order to position it for further growth and development.”