L Brands announces partnership with Next PLC for Victoria's Secret UK
Clients L Brands, Inc.
Jones Day represented L Brands, Inc. in its partnership with Next PLC for its company-owned Victoria's Secret business in the United Kingdom and Ireland. Under the agreement, L Brands and Next formed a joint venture ("JV"), where the JV acquired substantially all of the assets of the Victoria's Secret business in the United Kingdom (out of Administration) and Ireland. The newly formed JV will operate all Victoria's Secret stores in the UK and Ireland. The UK and Ireland digital (online) business, which is currently operated by Victoria's Secret in the United States, will be folded into the JV in Spring 2021. Next PLC owns 51% of the JV, while Victoria's Secret owns 49%.