The move put 800 jobs and all stores at risk, although shops have continued to trade throughout the administration. here.

L Brands has said that British clothing retailer Next would acquire a majority stake in its Victoria's Secret UK business under a newly formed joint venture. Victoria's Secret UK arm goes into administration, Victoria's Secret shifts image with new faces, Victoria's Secret and its fall from grace, Victoria's Secret stake sale values firm at $1.1bn, Victoria's Secret cancels annual fashion show. House of Clarins pop up opens at Mandarin Gallery, Hong Kong retail sales crash by steepest rate on record, H&M profit soars 25 per cent in latest quarter, K-pop girl-group Twice to open first pop-up store in Singapore, Hennessy unveils X.O pop-up at Changi Airport, Esprit CFO steps down to avoid Europe relocation, Hong Kong retail sales in September will be ‘even worse’ than August: HKRMA, Next likely to become Victoria’s Secret UK partner, Victoria’s Secret Hong Kong flagship store abruptly shut down, Strategic review launched of Victoria’s Secret China future, Victoria’s Secret sale cancelled; company to be spun off, Unlimited access to news,insights and opinions, Independent research reports and forecasts. “With Victoria’s Secret stores primarily in flagship shopping-centre locations including Bluewater, Westfield Stratford and Birmingham Bullring, the administration brings more bad news for landlords that are struggling to … Fashion chain Next has agreed a multi-million takeover of ailing lingerie brand Victoria's Secret.

The company’s UK e-commerce business is unaffected by the process, with the brand to continue selling online only with lower overheads, “piggybacking on its US operations” “With Victoria’s Secret stores primarily in flagship shopping-centre locations including Bluewater, Westfield Stratford and Birmingham Bullring, the administration brings more bad news for landlords that are struggling to … ", The lingerie company tumbled into administration in June, When you subscribe we will use the information you provide to send you these newsletters. Next is finalising a deal to take on the UK arm of the lingerie brand Victoria’s Secret, which fell into administration last month.. “The effect of the lockdowns, combined with broader challenges facing bricks and mortar retailers, has resulted in a funding requirement for this business, resulting in today’s administration. Read about our approach to external linking. ", Lord Simon Wolfson, chief executive of Next PLC, added: "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.". Rob Harding, administrator at Deloitte, said: “This is an ideal way to secure the future of more than 500 employees in the UK.”. Victoria’s Secret UK fell into administration in June, hurt by disruption from the Covid-19 pandemic. Buy Casual Wear for Women online Free Same Day Delivery in Dubai, Abu Dhabi - UAE. The company’s UK e-commerce business is unaffected by the process, with the brand to continue selling online only with lower overheads, “piggybacking on its US operations”.

Martin Waters, chief executive of L Brands international, said: "We are pleased to take this next step in our profit improvement plan for Victoria’s Secret. “With Victoria’s Secret stores primarily in flagship shopping-centre locations including Bluewater, Westfield Stratford and Birmingham Bullring, the administration brings more bad news for landlords that are struggling to collect rent payments.”. Unlined Strappy Cage Bralette (Small, Red), Very Sexy Front Close Fishnet Lace Push Up Bra, Dream Angels Unlined Demi Lace Bralette High-Neck, Very Sexy After Dark Unlined Halter Bra High Neck 34C Blue, Designer Col Unlined Demi Underwire Lace Bra, Unlined Demi Bra Shimmer Lace 32dd Black/Nude. The lingerie retailer had already furloughed 785 of its employees in the UK amid the pandemic. The company, which has 24 stores in the UK, called in Deloitte for a "light touch" administration in June, after being hit by the closure of outlets during the pandemic. Is Victoria’s Secret finally embracing all women?

Opening times, phone, contact information, directions and map. The lingerie firm has previously been criticised for not being inclusive of all body types.

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Unlined Strappy Cage Bralette (Small, Red) Are you sure you want to delete this comment? L Brands has said that British clothing retailer Next would acquire a majority stake in its Victoria's Secret UK business under a newly formed joint venture. Floral Lace Thong Panties 3 Pack Bundle. 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. The company’s UK e-commerce business is unaffected by the process, with the brand to continue selling online only with lower overheads, “piggybacking on its US operations”. Next has now agreed to buy a majority 51% stake in the company's UK business, with L Brands - the parent company of Victoria’s Secret - remaining in control of the final 49%. PINK is a college girl’s must-shop destination for the cutest bras, panties, swim and loungewear! High Street retailer Next has agreed a joint venture deal for the Victoria’s Secret UK business, in a move set to help safeguard hundreds of jobs at the lingerie chain. The fashion giant - which also owns Abercrombie & Fitch - has agreed to buy struggling lingerie brand Victoria’s Secret in a move that could also bring concessions to Next stores across the country, Get our money-saving tips and top offers direct to your inbox with the Mirror Money newsletter. RTÉ.ie is the website of Raidió Teilifís Éireann, Ireland's National Public Service Media. RTÉ is not responsible for the content of external internet sites.
Martin Waters, the boss of L Brands International, said: “We are pleased to take this next step in our profit improvement plan for Victoria’s Secret. The newly formed partnership will operate all of the firm’s stores in the UK and Ireland, subject to agreeing to terms with landlords. Also, a recent expose by the New York Times which uncovered culture problems including how models were allegedly harassed and asked to pose nude and Ms Feldstein says this affected consumer confidence in the business. "We are grateful to the creditors for working with us to deliver a solution that enables this business to survive and prosper. The UK online arm, currently operated by Victoria’s Secret in the US, will be folded into the joint venture in Spring 2021. Administrator Deloitte said at the time it would be necessary to either restructure the lease terms across the portfolio, and, or, achieve a sale of the company’s assets to a third party. L Brands, the owner of Victoria's Secret, is due to sell a majority stake in its lingerie brand to private equity firm, Sycamore Partners for $1.1m, the company said in a statement on Thursday. Visit us at Victoria's Secret for more information. A large question mark hangs over its flagship stores internationally, including in Asia and a strategic review has been launched into the brand’s presence in China. ... Victorias Secret. Most of the staff were on furlough as at the time of the administration and no redundancies were announced.