Next saves Victoria’s Secret in JV deal

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Next is to take a 51% stake in the Victoria’s Secret UK business, as part of a Joint Venture deal.

The deal will save 500 jobs at the lingerie retailer, which entered administration in June after poor trading in the COVID-19 lockdown.

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 digital (online) business, which is currently operated by Victoria’s Secret in the United States, will be folded into the JV in Spring 2021.

Lord Simon Wolfson, Chief Executive of Next PLC, said: “Next is very pleased at the prospect of working in partnership to expand the Victoria’s Secret

 link source - East Midlands Business Link General

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