L Brands, Inc has partnered with Next PLC to acquire its Victoria’s Secret business in the United Kingdom and Ireland
This newly formed JV will operate all Victoria’s Secret stores in the U.K. and Ireland, subject to agreeing to terms with landlords. The UK digital (online) business will be merged into the JV in Spring 2021. Under the terms of the agreement, Next PLC will own 51 percent of the JV, while Victoria’s Secret will own 49 percent.
L Brands, Inc is an American fashion retailer based in Columbus, Ohio. Its flagship brands include Victoria's Secret and Bath & Body Works. L Brands posted $12.914 billion in revenue in 2019, and was listed as 248 on the 2020 Fortune 500 list of largest United States companies by revenue.
In February 2020, L Brands announced the planned sale of its Victoria Secret division to Sycamore Partners, private equity firm. Under the agreement, Sycamore Partners would gain a 55 per cent controlling stake in Victoria's Secret while L Brands would keep a 45 per cent stake, leaving Bath & Body Works to become L Brand's sole business.