Clothing retailer Next said today it has agreed to buy a 25% stake in upmarket smaller rival Reiss and has an option to take its holding to 51%.
Next said it will pay £33m for the equity and also make a debt investment of £10m, financed from its cash resources.
The group has an option to acquire an additional 26% interest at pre-agreed terms.
That option falls away after July 2022, Next added.
