Tag: Victorias

Victoria’s Secret Enters Joint Venture With Next PLC for Its U.K. Business

Victoria’s Secret is once again trying to sell off its parts in its attempt to gain back market share. This time it’s to Next plc.

Parent company L Brands revealed a partnership with the retailer on Monday regarding its company-owned Victoria’s Secret business in the U.K. and Ireland.  

Under the agreement which is still subject to regulatory clearance Victoria’s Secret’s U.K. business and Next have formed a joint venture, dubbed “JV,” in which Next is the majority shareholder: 51 percent versus 49 percent. Under the terms of the agreement, JV will acquire the majority of the assets of the Victoria’s Secret U.K. business that are currently in administration.

“We are pleased to take this next step in our profit improvement plan for Victoria’s Secret,” Martin Waters, chief executive officer of L Brands International, said in a statement. “Next’s capabilities and experience in the U.K. market are substantial and

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Business slams Victoria’s ‘eradication’ lockdown

Mr Morrison also warned that the tougher restrictions should not be used as an alternative for a robust contact tracing system.

“Restrictions are not substitutes for strengthening health systems to cope with the virus, especially when community outbreak is brought under control,” he said in a joint statement with Treasurer Josh Frydenberg and Health Minister Greg Hunt.

“The most effective means of reducing community transmission must be an effective testing, tracing and quarantine system, bolstered by enhanced local health capacity and physical distancing.”

‘A blunt instrument’

Rod Eddington, the chairman of Infrastructure Partnerships Australia who was chairman of Victorian Major Events for over a decade and wrote the infrastructure blueprint for Victoria, captured business disillusionment with the plan.

“Total lock down across Melbourne is a blunt instrument,” Sir Rod told The Australian Financial Review.

“We have to find a way to protect lives and livelihoods and to do that

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