Next set to win battle for Victoria's Secret UK

Next is poised to take over Victoria’s Secret business in the UK after fending off competition from Marks & Spencer and other rivals for the lingerie brand.

The retailer has secured an exclusivity agreement until the end of September after it was chosen as the franchise partner in the UK by administrators at Deloitte.

The chain, famous for its fashion shows featuring supermodel “angels”, has 25 shops. Next has not yet agreed which sites it will keep, if any, as it tries to secure cheaper rents.

The retailer’s well-established platform that sells other brands helped it win the deal, insiders said.

About 30 bidders approached Deloitte after it was drafted in last month to handle the administration. A deal is still being finalised, Sky News first reported.

The administration is limited to the UK. It is still trading as normal in the US, where its parent company L Brands is based, as well as other countries.

By teaming up with Next, the lingerie brand would be able to take advantage of Next’s digital and delivery prowess, which is well-regarded in the industry.

M&S is also understood to have been serious about a franchise arrangement especially given that it is one of the main players in the UK underwear market.

The chain opened its first UK store in 2012, along with others in Europe and South America.

Although it was instrumental for provocative designs during its peak, it has been slow to adapt beyond padded and push-up bras.

In May, L Brands agreed to call off the sale of its majority stake in Victoria’s Secret to buyout firm Sycamore.

Sycamore filed a legal complaint in late April, alleging that L Brands breached some of the terms of the deal.