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.
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“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%.
