Victoria’s Secret has Next appeal
NEXT has won the race to take over Victoria’s Secret in Britain after its UK arm went bust last month.
The fashion retailer beat 30 bidders, including Marks & Spencer, to be chosen as the preferred franchise partner.
An outline deal has been agreed but the survival of Victoria’s Secret’s 25 stores – and 800 jobs – depends on landlords agreeing to cut rents. Next has until the end of September to finalise the deal.
Next will add the world-famous lingerie brand to the likes of Abercrombie & Fitch, Boss and Under Armour, which it sells on its website. The deal comes as bosses at Victoria’s Secret seek to ‘rethink’ their marketing strategy after the UK arm made a loss of £170million.
The annual Victoria’s Secret fashion show, featuring supermodels known as Angels in super-skimpy underwear, was cancelled last year after critics slammed its hyper-sexualised imagery in the wake of the MeToo movement.
Sales tumbled as shoppers switched to brands catering to a wider range of body types.
Victoria’s Secret’s UK arm was going through a ‘light touch’ administration process, allowing it to keep trading while putting off its debts. A Next insider confirmed the reports, adding: ‘It’s a partner with a significant profile.’ Victoria’s Secret’s administrators Deloitte were contacted for comment.