L Brands, Inc. operates as a specialty retailer of women’s intimate and other apparel, beauty and personal care products and accessories. The company sells its merchandise through company-owned specialty retail stores in the United States (U.S.), Canada, and the United Kingdom (U.K.), which are primarily mall-based; and through its Websites and other channels. The company's other international operations are primarily through franchise, license and wholesale partners. The company operates various retail brands, such as Victoria’s Secret, PINK, Bath & Body Works, La Senza, and Henri Bendel. The company has three segments: Victoria’s Secret, Bath & Body Works and Victoria's Secret and Bath & Body Works International. Victoria’s Secret Victoria’s Secret, including PINK, is the major specialty retailer of women’s intimate and other apparel with fashion-inspired collections, prestige fragrances, celebrated supermodels and world-famous runway shows. The company sells its Victoria’s Secret products at approximately 1,100 Victoria’s Secret stores in the U.S., Canada, and U.K., as well as online at www.VictoriasSecret.com. Additionally, Victoria’s Secret has approximately 390 stores and various small-format locations in approximately 75 other countries operating under franchise, license and wholesale arrangements. Bath & Body Works Bath & Body Works is a major specialty retailer of personal care, soaps, sanitizers and home fragrance products. The company sells its Bath & Body Works products at approximately 1,600 Bath & Body Works stores in the U.S. and Canada, and online at www.BathandBodyWorks.com. Additionally, Bath & Body Works has 125 stores in 30 other countries operating under franchise, license and wholesale arrangements. Other Brands La Senza is a specialty retailer of women’s intimate apparel. The company sells its La Senza products at approximately 120 La Senza stores in Canada and online at www.LaSenza.com. Additionally, La Senza has approximately 220 stores in 29 other countries operating under franchise, license and wholesale arrangements. Henri Bendel sells handbags, jewelry and other accessory products through the company’s New York flagship and 28 other stores, as well as online at www.HenriBendel.com. Company-owned Retail Stores The company-owned retail stores are located in shopping malls, lifestyle centers and street locations in the U.S., Canada and U.K. Franchise, License and Wholesale Arrangements In addition to the company-owned stores, its products are sold at various partner locations in approximately 80 countries. The company has arrangements with unaffiliated partners to operate Victoria's Secret, Bath & Body Works and La Senza stores throughout the world. Under these arrangements, third parties operate stores that sell the company’s products under its brand names. Divestitures In 2015, the company divested its remaining ownership interest in its third-party apparel sourcing business to Sycamore Partners. Seasonality The company’s operations are seasonal in nature and consist of two principal selling seasons, such as Spring (the first and second quarters (year ended January 2016)) and Fall (the third and fourth quarters). The fourth quarter, including the holiday season, accounted for approximately one-third of the company’s net sales for 2015 and is typically its most profitable quarter. Accordingly, cash requirements are highest in the third quarter as the company’s inventories build in advance of the holiday season. History L Brands, Inc. was founded in 1963.
l brands inc (LTD:Frankfurt)
Three Limited Parkway
Columbus, OH 43230
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