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Victoria’s Secret to Open First Irish Flagship Store

Lingerie label Victoria’s Secret is looking to spread its lacy wings to Ireland’s most expensive shopping street.

According to several local news outlets, the L Brands-owned retailer is in advanced talks to lease a 30,000-square-foot space on Dublin’s Grafton Street for close to 2 million euros, or $2.2 million.

The site is currently occupied by BT2, the contemporary offshoot of luxury department chain Brown Thomas, which is part of Selfridges Group. Grafton Street’s other tenants include Tommy Hilfiger, Topshop, Topman, Ted Baker, Massimo Dutti and Levi’s, to name a few, but a Brown Thomas spokeswoman told the Irish Times that “no deal has been signed.”

If a lease is agreed, however, it will be Victoria’s Secret’s second store in Ireland. A smaller, 1,300-square-foot shop opened in Dublin Airport’s Terminal 2 in 2013, selling loungewear, beauty products and accessories, in addition to the brand’s famous bras.

Victoria’s Secret adopted a similar approach when it expanded to the U.K., testing the water with a boutique at Heathrow Airport in 2005 before opening a brick-and-mortar location in London in 2012. Today the chain operates 14 U.K. stores, with annual sales surpassing 2 billion pounds (roughly $2.8 billion).

L Brands, which is scheduled to report its full fourth-quarter earnings on Wednesday, recently reported that its decision to move Victoria’s Secret’s semi-annual sale from January to December resulted in a 2 percent decline in comparable store sales last month. The company has projected revenue of $4.4 billion in the fourth quarter.