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Britain's Next buys 25% stake in rival Reiss

LONDON, March 10 (Reuters) - British clothing retailer Next has agreed to acquire a 25% stake in upmarket smaller rival Reiss and has an option to take its holding to 51%, it said on Wednesday.

Next said it will pay 33 million pounds ($46 million) for the equity and also make a debt investment of 10 million pounds, financed from its cash resources.

The group has an option to acquire an additional 26% interest at pre-agreed terms. The option falls away after July 2022.

$1 = 0.7200 pounds Reporting by James Davey; Editing by Kate Holton

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