Josephine Skriver attends the debut of Victoria’s Secret’s new fall collection at Natick Mall on August 17, 2019 in Natick, Massachusetts.
Taylor Hill | Getty Images
Private equity firm Sycamore Partners will acquire majority control of Victoria’s Secret from its owner L Brands in a deal valued at roughly $1.1 billion, the companies announced Thursday.
The company also said Thursday that L Brands founder, Les Wexner, will step down as CEO and chairman of L Brands, though he will stay on its board. The departure is notable for Wexner who has long been closely intertwined with L Brands, but who has come under fire both for the company’s underperformance and his ties to the late sex criminal Jeffrey Epstein.
Sycamore will acquire 55% of Victoria’s Secret, while L Brands will retain a 45% stake.
L Brands also owns personal care chain Bath & Body Works, which it will continue to run as a separate company. The chain has long out-performed Victoria’s Secret, which has fallen out of favor with shoppers as they eschew its sexy styles.
Upon the deal’s closing, the company will promote Andrew Meslow as CEO of Bath and Body Works. It is also extending an agreement with activist fund Barington Capital Group, which disclosed a stake in L Brands last year.
This is breaking news. Please check back for updates.
