L Brands To Sell Majority Stake In Victoria's Secret's UK Business To Next Plc

L Brands Inc. (LB) said Monday that it has reached an agreement to sell a 51% stake in Victoria's Secret U.K., its business in the United Kingdom and Ireland, to Next Plc (NXT.L), retaining a 49% stake. The financial terms of the deal were not disclosed.

The Victoria's Secret U.K. business is currently in Administration.

As per the terms of the deal, the two companies will form a joint venture that will operate all Victoria's Secret stores in the U.K. and Ireland, subject to agreeing to terms with landlords.

The U.K. digital (online) business, which is currently operated by Victoria's Secret in the United States, will be folded into the JV in Spring 2021, L Brands said in a statement.

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