Victoria’s Secret has been saved by Next after going into administration during the pandemic

Retailer Next has agreed to buy Victoria’s Secret following its administration during the pandemic.

Victoria’s Secret announced its administration in June, putting 800 jobs and 25 stores at risk. 

Now, Next has confirmed it will buy a majority stake (51%) of the lingerie company, with L Brands – the parent company of Victoria’s Secret – keeping the remaining 49%. 

It’s set to save 500 jobs and the UK Victoria’s Secret website.

The sale is also hoped to allow for the 25 stores to remain trading, however 300 job roles remain at risk. 

Exact details of the deal are yet to be confirmed and are subject to change and a regulatory agreement. 

Martin Waters, chief executive of L Brands international, 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.”

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 UK 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 UK.

“We are grateful to the creditors for working with us to deliver a solution that enables this business to survive and prosper.”