NEXT, an online clothing retailer, agreed to acquire FatFace, a lifestyle clothing brand, for £115m. Upon completion of this transaction, which is expected to take place within the next few weeks, NEXT will hold 97% of the equity and FatFace's management will hold 3% in the business. Management will also participate in an additional performance related equity scheme. FatFace will retain its management autonomy and creative independence. The company will retain its own Board of Directors and continue to be based in Havant, Hampshire, UK.