L Brands Announces Partnership with Next PLC for Victoria’s Secret UK

L Brands, Inc. (NYSE: LB) today announced a partnership with Next PLC (LON: NXT) for its company-owned Victoria’s Secret business in the United Kingdom and Ireland (“Victoria’s Secret U.K.”).

Under the agreement, which is subject to regulatory clearance, Victoria’s Secret U.K. and Next PLC have formed a joint venture (“JV”), where the JV will acquire the majority of the assets of the Victoria’s Secret U.K. business that is currently in Administration. The newly formed JV will operate all Victoria’s Secret stores in the U.K. and Ireland, subject to agreeing to terms with landlords. The U.K. 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 percent of the JV, while Victoria’s Secret will own 49 percent.

Martin Waters, CEO of L Brands International, commented “We are pleased to take this next step in our profit improvement plan for Victoria’s Secret. Next’s capabilities and experience in the U.K. market are substantial, and our partnership will provide meaningful growth opportunities for the business.”

Lord Simon Wolfson, Chief Executive of Next PLC, added “Next is very pleased at the prospect of working in partnership to expand the Victoria’s Secret brand in the U.K. and Ireland both in stores and online.”

Rob Harding, Administrator at Deloitte, said “This is an ideal way to secure the future of more than 500 employees in the U.K. We are grateful to the creditors for working with us to deliver a solution that enables this business to survive and prosper.”
http://investors.lb.com/news-releases/news-release-details/l-brands-announces-partnership-next-plc-victorias-secret-uk

Related Posts

Overall USPS Mail Delivery Performance Recovers from Severe Winter Storms; Peak Holiday Demand

The United States Postal Service announced strong improvements in mail delivery service performance across all categories and regions as its third-party- operated air network and mail and package processing and delivery operations continued to stabilize from a historic peak holiday season and severe February storms throughout the country. For the week of March 6 through March 12, 2021, overall service performance recovered to pre-holiday levels with First-Class Mail reaching 83.69 percent of the Post Service’s national performance standard of one-to-three-day delivery. Mailing of Marketing Materials (90.84 percent) and Periodicals (77.64 percent) rebounded to levels of service performance on par with Postal Service deliveries before last year’s record-breaking peak holiday season, from mid-November through mid-January.

Macy’s, Inc. Reports Fourth Quarter and Full-Year 2023 Results

*Net sales of $8.1 billion, down 1.7% versus the fourth quarter of 2022. Digital sales decreased 4% versus the fourth quarter of 2022. Brick-and-mortar sales were roughly flat versus the fourth quarter of 2022.*Comparable sales, on a 13-week basis, were down 5.4% on an owned basis and down 4.2% on an owned-plus-licensed basis. *Highlights of the company's nameplates include: Macy’s comparable sales, on a 13-week basis, were down 6.0% on an owned basis and down 4.7%, on an owned-plus-licensed basis. *Bloomingdale’s comparable sales, on a 13-week basis, were down 1.5% on an owned basis and down 1.6% on an owned-plus-licensed basis. *Bluemercury comparable sales, on a 13-week basis, were up 2.3% on an owned basis. *Gross margin for the quarter was 37.5%, up from 34.1% in the fourth quarter of 2022.

Discover Financial Services Reports Third Quarter Net Income of $602 Million

Third Quarter Highlights: • Total loans grew $6.9 billion (9%) from the prior year to $80.4 billion. • Credit card loans grew $5.5 billion (9%) to $63.5 billion and Discover card sales volume increased 5% from the prior year. • Total net charge-off rate excluding PCI loans increased 61 basis points from the prior year to 2.71% and the total 30+ day delinquency rate excluding PCI loans increased 26 basis points from the prior year to 2.05%. • Consumer deposits grew $3.4 billion (10%) from the prior year to $38.7 billion. Click Read More below for additional information.
Back To Top
×Close search
Search