L Brands announces partnership with Next PLC for Victoria's Secret UK
Clients L Brands, Inc.
Jones Day is advising L Brands, Inc. in its partnership with Next PLC for its company-owned Victoria’s Secret business in the United Kingdom and Ireland ("Victoria’s Secret UK"). Under the agreement, which is subject to regulatory clearance, Victoria’s Secret UK and Next PLC have formed a joint venture ("JV"), where the JV will acquire the majority of the assets of the Victoria’s Secret UK business that is currently in Administration. The newly formed JV will operate all Victoria’s Secret stores in the UK and Ireland, subject to agreeing to terms with landlords. The UK digital (online) business, which is currently operated by Victoria’s Secret in the United States, will be folded into the JV in Spring 2021. Under the terms of the agreement, Next PLC will own 51% of the JV, while Victoria’s Secret will own 49%.