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, 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 Victoria’s Secret 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 300 stores and various small-format locations in approximately 70 other countries operating under franchise, license, and wholesale arrangements. Bath & Body Works Bath & Body Works is a primary specialty retailer of home fragrance and personal care products, including shower gels, lotions, soaps, and sanitizers. The company sells its Bath & Body Works products at approximately 1,600 Bath & Body Works stores in the U.S. and Canada, as well as online at www.BathandBodyWorks.com. Additionally, Bath & Body Works has 80 stores in 23 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 140 La Senza stores in Canada and online at www.LaSenza.com. Additionally, La Senza has approximately 260 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, the company’s products are sold at various partner locations in approximately 70 countries. The company has arrangements with unaffiliated partners to operate Victoria's Secret, Bath & Body Works, and La Senza stores worldwide. Under these arrangements, third parties operate stores that sell the company’s products under its brand names. Divestitures In 2014, the company divested its remaining ownership interest in the third-party apparel sourcing business. Seasonal Business The company’s operations are seasonal in nature and consist of two principal selling seasons, such as Spring (the first and second quarters (year ending January 2015)) 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 2014 and is 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:German Stock Exchange)
Three Limited Parkway
Columbus, OH 43230
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