It has been widely reported that Next has been chosen as the preferred UK franchise partner for Victoria's Secret by its administrator, Deloitte. Sky News has reported that it "can reveal that Next has been chosen as the preferred UK franchise partner for Victoria's Secret." Next is understood to have secured an exclusivity agreement until 30 September to finalise the deal. This will lockout other companies vying for the UK arm of Victoria's Secret, including Marks & Spencer. 

The US lingerie retailer collapsed into administration last month, putting more than 800 jobs at risk. Deloitte has said that it would conduct a "light touch" administration as it sought to find a buyer for the business, blaming the effect of the COVID-19 lockdown for the challenges the retailer faced. 

Next has yet to comment on the possible partnership.