With so many retailers having to slash prices to stay competitive and to radically alter their business models to keep up with the changing realities of ecommerce, David Reiss, a high end fashion retailer in London, is actually making a profit, as reported by the Telegraph.
While a press release claimed it doubled its profits from 2013, these numbers were before amortization, tax and depreciation. Still, with other stores struggling to stay open, David Reiss is a rare success story, attributable at least in part by Duchess of Cambridge Kate Middleton’s interest in David Reiss’ styles.
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Middleton was seen in an elegant white dress from David Reiss at her engagement party and also wore another Reiss outfit when she met the Obamas. In fact, Middleton is considered as an “unofficial ambassador” for the brand, as reported by the Telegraph.
The company now sells its clothes in Bloomingdales and plans to open a location in the tower than has replaced the World Trade Center. Reiss has managed to stay on top because of restructuring, but it doesn’t see a need to lower prices. Steven Downes, Chief Financial Officer, commented, “We made the decision that we make premium pieces and we don’t see discounting aligning with our business model.”
David Reiss has run the company since he took over from his father in 1970. The original store was started by David’s grandfather, Samuel Reiss who emigrated to England from a Polish shtetl. The family were members of the orthodox Raleigh Close (Hendon United Synagogue).