Lord Wolfson is set to be the next chair of Reiss, following Next’s purchase of a 25% stake in the retailer earlier this year.

Wolfson is set to replace David Reiss as chair of the brand he founded in 1979, according to The Telegraph. 

The appointment comes almost four months to the day after Wolfson joined the board of Deliveroo in January. 

Wolfson has been at the helm of Next for the past 20 years and the retailer snapped up a 25% stake in Reiss in March of this year. It has the option of acquiring a further 26% stake in the company by July 2022.

Reiss is majority-owned by US private equity firm Warburg Pincus and was put up for sale prior to the Covid-19 pandemic. 

Warburg Pincus bought a controlling stake in Reiss in 2016, with the Reiss family retaining a minority holding.

Next said it will invest £43m as part of the tie-up, including raising £10m of debt.

Reiss’ chief executive Christos Angelides previously worked for Next for 28 years and was widely regarded as Wolfson’s right-hand man. 

Angelides has been chief executive of Reiss for the past four years and will remain at the helm of the fashion retailer.

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