Fashion retailer close to securing deal
Upmarket fashion retailer Reiss is close to securing a deal to open 20 stores in China over the next four years, as part of an ambitious global expansion plan.

Management has drawn up a blueprint for 250 stores worldwide, from its base of 37 in the UK and one in New York. It has already signed deals for stores in Scandinavia and the United Arab Emirates.

Founder David Reiss said: 'What really surprised us was the reaction to the opening of the New York store. It has attracted an awful lot of interest.'

'We've been approached by a large Hong Kong-based Plc. They've been over twice now and we're just in the final stages of discussions for a deal to open 20 stores [in China] over a four year period,' he said.

Speaking at the Drapers Fashion Summit last week, Reiss finance director Steven Downes said the global expansion plan would take UK store numbers from 37 to 50, complemented by 50 in the US, 50 in other territories and 100 franchise outlets globally.

Reiss brushed aside any suggestions the business might be for sale, despite the glut of companies coming to market in recent times. 'We get approached all the time. At the moment there is too much going on. We've got a plan in place and my focus is very much on driving the business.'

Reiss, who owns the business, said the UK chain has been recording double digit like-for-like sales. He added: 'We haven't changed, we are very bullish about Christmas.'