The new joint venture will operate all Victoria’s Secret stores in the UK and Ireland, subject to agreeing terms with landlords. Next will own 51% of the joint venture, while Victoria’s Secret will own 49%.
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.’’
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 brand in the U.K. and Ireland both in stores and online.’’