L Brands, Inc has announced a partnership with Next PLC for its company-owned Victoria's Secret business in the UK and Ireland. Under the agreement, Victoria's Secret and Next have formed a joint venture, where the JV will acquire the majority of the assets of the Victoria's Secret UK business that is currently in administration. The JV will operate all of the brand's stores in the UK and Ireland, subject to agreeing to terms with landlords. The UK digital business, which is currently operated by Victoria's Secret in the US, will be folded into the JV in Spring 2021. 

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