According to Sky News, the fashion giant Next is on track to secure the bid for the failed UK arm of renowned lingerie brand Victoria’s Secret. Deloitte, the administrator in charge of overseeing Victoria’s Secret’s British operations after it fell into administration, has selected Next as the preferred franchise partner. Although a basic agreement has been reached, the exact size of the retail portfolio remains uncertain. The viability of individual stores will depend on negotiations with landlords to secure more affordable rents. Next has been granted exclusivity until late September to finalize the deal.

Victoria’s Secret, which is owned by US parent company L Brands, has faced financial difficulties in recent years. However, it still holds the title of the largest and most renowned lingerie label worldwide. Various parties, including M&S, have expressed interest in acquiring the UK operations of Victoria’s Secret. This is due to the brand’s national presence, boasting 25 stores across the country, including a prominent flagship store on London’s Bond Street.

Next, a well-established fashion retailer in the UK, is known for its emphasis on digital expertise and partnerships with third-party brands. Additionally, the company has expanded its reach into the beauty market, launching a standalone chain and acquiring the Fabled by Marie Claire beauty business. Next also has experience managing operations for other brands and was recently appointed as the childrenswear licensee for Ted Baker.

Useful links:
1. Retail Gazette: Next in pole position to acquire Victoria’s Secret UK operations
2. The Telegraph: Next in pole position to capture Victoria’s Secret