US lingerie brand Victoria’s Secret has moved ahead with its plans to open a new Dublin store.
The company lodged a planning application with Dublin City Council for two external Victoria Secrets signs for retail units one and two at 40-43 Nassau Street in preparation for the new store opening.
It confirmed in May it would be closing its store on Grafton Street, Dublin, this summer. The retailer has traded at 28-29 Grafton Street since 2017.
Accounts for the Victoria Secrets business here show the Nassau Street opening is on the back of increased revenues and profits at the Irish arm last year.
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Accounts filed by Intimate Apparel Retail Ireland Ltd show pretax profits increased by 12 per cent to €338,000 in the 12 months to the end of last January 25th.
Revenues were boosted by the opening of Victoria Secret’s store in Cork city in December 2024. Revenues rose by 12 per cent from €7.53 million to €8.45 million.
The company recorded operating profits of €350,000 and finance costs of €12,000 resulted in the pretax profit of €338,000.
On the outlook for the firm, the directors state that “the company will continue to focus on managing its overall financial position, cash flows and liquidity while delivering high-quality fashion to its customers”.
Numbers employed by the business increased from 55 to 61 as staff costs rose from €1.03 million to €1.29 million.
In October 2020, a new joint venture began operating Victoria Secrets Irish business after British retailer Next acquired a majority 51 per cent stake in the operation as part of a wider deal for Victoria Secret’s business across Ireland and the UK.
The UK and Irish Victoria Secrets recorded revenues of £110.95 million (€128.88 million) and pretax profits of £16.24 million overall in the 12 months to the end of last January 25th.
A decision is due on the planning application in August.
