Shares of Next PLC (LON: NXT) are trading around 2% higher in London today after the fashion retailer formed a joint venture with Victoria’s Secret UK. Next is expected to take control of majority of Victoria Secret assets in the UK
The fashion retailer will have a 51% stake in the new company with VS UK holding other 49% of the joint venture. This way, Next helped save over 500 jobs as Victoria Secret UK entered administration on June 5.
CEO of L Brands International, Martin Waters, said: “We are pleased to take this next step in our profit improvement plan for Victoria’s Secret.
“Next’s capabilities and experience in the UK market are substantial, and our partnership will provide meaningful growth opportunities for the business.”
Next share price gained around 2% to help increase its weekly gains to over 3%.