Deals
Victoria’s Secret Sells Control to Sycamore; Wexner Steps Down
- Deal for lingerie brand seen closing in the second quarter
- Bath & Body Works to remain separate from Victoria’s Secret
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L Brands Inc. is selling a controlling stake in Victoria’s Secret to Sycamore Partners, giving the ailing lingerie chain a chance to rehabilitate its image and sales outside the glare of public markets.
Under the deal, Sycamore Partners will buy 55% in the lingerie chain and take it private, leaving L Brands with a minority stake. L Brands’ billionaire founder Leslie Wexner will also step down as its chairman and chief executive officer. The transaction values Victoria’s Secret at about $1.1 billion -- short of some analysts’ expectations and likely a reflection of the business’s decline.