L Brands, the reputed American fashion brand, announced on Monday (14 September) that British apparel retailer Next Plc is set to buy majority stake in former’s Victoria’s Secret UK business.
The joint venture between the two fashion giants will also allow operating all of Victoria’s Secret stores in the UK and in Ireland.
While Next will own 51 per cent of the deal, the remaining 49 per cent will be owned by Victoria’s Secret.
The financial terms, however, have not been yet disclosed.
L Brands has been planning to run Victoria’s Secret as an independent company following the failure to sell its majority stake to Sycamore Partners earlier this year.
Here it is important to mention that Victoria’s Secret UK arm had collapsed into administration back in June 2020 following the closure of all its stores owing to COVID-19.
Most of the lingerie brand’s employees were furloughed back in March and April, when the pandemic had massively hit the sales of the retailer.
In addition to lingerie wear, Victoria’s Secret is also known for its swimwear, activewear and accessories.