The Zhitong Finance App learned that Victoria's Secret parent company L Brands (LB.US) announced that it will cooperate with British retailer Next PLC (NXGPY.US) for the company's Victoria's Secret business in the UK and Ireland. Under this agreement, which is awaiting regulatory approval, Victoria's Secret UK (Victoria's Secret UK) and Next plc will establish a joint venture that will acquire most of the assets currently managed by Victoria's Secret UK.

The newly formed joint venture will reach an agreement with local landlords to operate all Victoria's Secret stores in the UK and Ireland. Meanwhile, Victoria's Secret UK e-commerce business, which is still operating in the US, will also be included as a joint venture in the spring of 2021. Under the terms of the agreement, Next plc will own 51% of the joint venture, while Victoria's Secret will own 49% of the shares.