Subsequent has agreed a deal that can resurrect Victoria’s Secret UK and save 500 jobs.
The style-to-homeware retailer is to take a majority 51% stake in a three way partnership with US-owned Victoria’s Secret after the lingerie agency’s UK arm was positioned in administration in June following weak coronavirus lockdown buying and selling that compelled all non-essential shops to close.
L Manufacturers, the corporate behind Victoria’s Secret, agreed the deal following a bid course of led by directors which attracted curiosity from dozens of events together with M&S.
It was revealed back in July that Next had been granted a period of exclusivity to secure an agreement – difficult by the truth that cuts to lease payments additionally needed to be secured from Victoria’s Secret landlords.
It had 25 leasehold shops on the time of its collapse and employed 800 individuals.
Beneath the deal, which is topic to regulatory approval, Subsequent will get nearly all of Victoria’s Secret’s UK belongings and, subsequent 12 months, management of its digital enterprise.
For Subsequent, a tie-up would add one of many world’s best-known lingerie retail manufacturers to a group of trend labels which incorporates Abercrombie & Fitch, Boss and Beneath Armour.
In response to analysts, it could additionally allow Subsequent to draw youthful shoppers who’re drawn to Victoria’s Secret’s PINK underwear and attire model.
Lord Simon Wolfson, its chief govt, mentioned: “Subsequent may be very happy on the prospect of working in partnership to increase the Victoria’s Secret model within the UK and Eire each in shops and on-line.”