Next, the high street fashion giant, has teamed up with the global brand behind Victoria’s Secret to keep the troubled lingerie business operating in the UK.
L Brands said that – subject to regulatory clearance – the deal between Next and Victoria’s Secret UK would create a new company to run the UK and Ireland side of the lingerie business.
The deal will safeguard the jobs of more than 500 of the 800 people that were working for Victoria’s Secret when the administrators were brought in.
Back in July Next Plc was chosen as the preferred franchise partner for the UK arm of Victoria’s Secret, after it went into administration a month earlier.
link source - Business Live News