500 jobs saved as Next takes control of Victoria’s Secret

The UK arm of lingerie retailer Victoria’s Secret has been saved – along with 500 jobs – after Enderby-based Next bought 51% of the company in a joint venture deal.

Victoria’s Secret UK business has been in administration since June – another victim of the Covid-19 lockdown.

The deal will see Next take control of the majority of Victoria’s Secret’s UK assets and, from next year, its digital business.

Lord Simon Wolfson, Next’s chief executive, said: “Next is very pleased at the prospect of working in partnership to expand the Victoria’s Secret brand in the UK and Ireland both in stores and online.”