The UK business unit of the American fashion retailer Victoria’s Secret has moved out of administration and gone into liquidation. The brand went into administration last year after being badly hit by the pandemic. The administration process was executed by global CEO advisory firm Teneo.

The move into liquidation would help Victoria’s Secret pay dividends to creditors. The Victoria’s Secret online business will function as usual. In addition to lingerie wear, the brand is also known for its swimwear, activewear and accessories. As a part of its administration process, the brand signed a joint venture agreement with British fashion retailer Next in 2020 for its UK business – thereby saving more than 500 jobs at that time.

Victoria's Secret is known for high visibility marketing and branding, starting with a popular catalog and followed by an annual fashion show with supermodels dubbed Angels. As the largest retailer of lingerie in the United States, the brand has struggled since 2016 due to shifting consumer preferences and ongoing controversy surrounding corporate leadership's business practices.