Retail giant Next has agreed a joint venture deal for the UK and Ireland business of Victoria's Secret.
Under the agreement, which is subject to regulatory clearance, Victoria’s Secret UK and the Leicester-headquartered listed company have formed a joint venture which will acquire the majority of the assets of the Victoria’s Secret UK business that is currently in administration.
The newly formed JV will operate all Victoria’s Secret stores in the UK and Ireland, subject to agreeing to terms with landlords.
The UK online business, which is currently operated by Victoria’s Secret in the US, will be folded into the JV in the spring.
Under the terms of the agreement, Next will own 51 per cent
link source - Insider Media