THE WHAT? Sky News is reporting that Next has prevailed in the battle to become the UK franchise partner for ailing US lingerie brand Victoria’s Secret.
THE DETAILS The news outlet claims that administrators at Deloitte have chosen the UK high street retailer as preferred partner over rival Marks & Spencer but any deal is contingent on a restructure of the underwear designer’s lease terms. Next has until September to sign on the dotted line.
THE WHY? Next is widely considered to operate one of UK retail’s best online provisions, pioneering services such as next day delivery; the GVC has made abundantly clear just how important the digital channel is to the future of retail. Meanwhile, Next would gain access to Victoria Secret’s target demographic – millennial and Gen Z shoppers.