Next has reportedly sealed a deal to snap up a majority stake in Victoria’s Secret’s struggling UK business.
Next will acquire a 51% stake in the lingerie brand, with current owner L Brands retaining the remaining 49%.
Under the terms of the deal, first reported by The Wall Street Journal, Next will operate all of Victoria’s Secret’s stores in the UK and Ireland.
Victoria’s Secret’s online business will be integrated into the joint venture early next year.
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