default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

L Brands Sells Majority Stake in Victoria's Secret's UK Business

Under a newly formed joint venture, British clothing retailer Next Plc will acquire a majority stake in the lingerie giant.
Victoria's Secret store | Source: Shutterstock
By
  • Reuters

NEW YORK, United States — L Brands Inc said on Monday British clothing retailer Next Plc would acquire a majority stake in its Victoria's Secret UK business under a newly formed joint venture.

The UK arm of L Brands' high-end lingerie brand went into administration in June after all its 25 stores were forced to close due to the COVID-19 Pandemic.

L Brands said the joint venture will acquire the majority of the assets of the Victoria's Secret U.K. business and operate all its stores in the country and Ireland. Next will own 51 percent of the partnership, while Victoria's Secret will own the rest.

The financial terms of the deal were not disclosed.

L Brands, which also owns Bath and Body Works, plans to run Victoria's Secret as a separate, standalone company after failing to sell a majority stake to private-equity firm Sycamore Partners earlier this year.

By Uday Sampath; Editor: Arun Koyyur

© 2021 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
Building a DRC Challenger Brand
© 2022 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions and Privacy policy.
Building a DRC Challenger Brand