The agreement will see Next Plc acquire a 51 per cent stake in Victoria’s Secret, with parent company L Brands owning the remaining 49 per cent.

Victoria’s Secret went into administration in June after its 25 stores were forced to close due to the Covid-19 Pandemic. This new partnership means that Next will operate all of the firm’s stores in the UK and Ireland and the UK online e-commerce business which is currently operated by Victoria’s Secret in the United States will be folded into the partnership by Spring next year.

Martin Waters, Chief Executive Officer of L Brands International has commented on the partnership: “We are pleased to take this next step in our profit improvement plan for Victoria’s Secret. Next’s capabilities and experience in the UK market are substantial, and our partnership will provide meaningful growth opportunities for the business.”

Lord Simon Wolfson, Chief Executive of Next also commented on the partnership, saying: “Next is very pleased at the prospect of working in partnership to expand the Victoria’s Secret brand in the UK and Ireland both in stores and online.”