L Brands, Inc. has announced a partnership with Next Plc for its company-owned Victoria’s Secret business in the United Kingdom and Ireland. Under the agreement, the company said in a statement, under the joint venture partnership, Next will acquire 51 percent stake in the Victoria’s Secret U.K. business that is currently in administration and L Brands will retail remaining 49 percent.
Commenting on the development, Martin Waters, CEO of L Brands International, said: “We are pleased to take this next step in our profit improvement plan for Victoria’s Secret. Next’s capabilities and experience in the U.K. market are substantial, and our partnership will provide meaningful growth opportunities for the business.”
The company added that the newly formed JV will operate all Victoria’s Secret stores in the U.K. and Ireland, subject to agreeing to terms with landlords. The U.K. digital (online) business, which is currently operated by Victoria’s Secret in the United States, will be folded into the JV in Spring 2021.
“Next is very pleased at the prospect of working in partnership to expand the Victoria’s Secret brand in the U.K. and Ireland both in stores and online,” added Lord Simon Wolfson, Chief Executive of Next.
Picture:L Brands media resources