Next, a British multinational clothing, footwear and home products retailer, and Victoria’s Secret UK, a lingerie, clothing, and beauty retailer, agreed to form a joint venture. Under the terms of the agreement, Next will own 51% of the joint venture, while Victoria’s Secret will own 49%. Financial terms were not disclosed. “Next is very pleased at the prospect of working in partnership to expand the Victoria’s Secret brand in the U.K. and Ireland both in stores and online,” Lord Simon Wolfson, Next CEO.