Expanding the Lingerie Empire

  • L Brands forms a joint venture with Next for Victoria’s Secret
  • Next acquires majority of Victoria’s Secret assets in UK and Ireland
  • Next to own 51% of the joint venture, Victoria’s Secret 49%
  • Partnership aims to expand Victoria’s Secret brand in UK and Ireland

L Brands, the owner of Victoria’s Secret, has announced a joint venture with Next to acquire majority control of Victoria’s Secret assets in the UK and Ireland. The partnership will operate all Victoria’s Secret stores in these regions, subject to agreement with landlords. Next will own 51% of the joint venture while Victoria’s Secret retains 49%. Martin Waters, CEO of L Brands International, expressed enthusiasm for the collaboration, stating that ‘Next’s capabilities and experience in the UK market are substantial, and our partnership will provide meaningful growth opportunities for the business.’ Lord Simon Wolfson, chief executive of Next Plc, also shared his excitement about working together to expand Victoria’s Secret’s presence in the UK and Ireland both online and offline.

Factuality Level: 10
Factuality Justification: The article provides accurate information about the joint venture between L Brands and Next, the ownership percentages, and the statements from the CEOs of both companies regarding their partnership and plans for growth.
Noise Level: 3
Noise Justification: The article provides relevant information about a business collaboration between two companies and quotes from their CEOs regarding the partnership. It does not contain any irrelevant or misleading information, but it is also quite brief and lacks in-depth analysis or exploration of long-term trends or consequences.
Financial Relevance: Yes
Financial Markets Impacted: Victoria’s Secret, L Brands, Next
Financial Rating Justification: The article discusses a business transaction between Victoria’s Secret owner L Brands and Next that will impact the operations of Victoria’s Secret stores in the UK and Ireland, affecting the companies involved and potentially their financial performance.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk