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