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Victoria’s Secret Targets Higher Valuation in New Sale Talks

  • Private equity firm canceled investment amid pandemic
  • Lingerie retailer’s sale or spinoff sought by August
A Victoria's Secret store in Beijing.

A Victoria's Secret store in Beijing.

Photographer: Giulia Marchi/Bloomberg
Updated on

L Brands Inc.’s Victoria’s Secret has restarted talks with buyers about a potential sale, and is seeking more than double the $1.1 billion value it had last year in a failed deal, according to people familiar with the matter.

After strong recent sales, the company could now target a valuation of at least $2 billion to $3 billion in a potential sale, said the people, who asked not to be identified discussing private negotiations. L Brands agreed last year to cancel a deal giving private equity firm Sycamore Partners 55% control of the lingerie chain for around $525 million.