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Bloomberg
L Brands is selling a controlling stake in Victoria’s Secret to Sycamore Partners, giving the ailing apparel 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 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.
In its heyday, Victoria’s Secret was the top innerwear brand, dominating the industry.
While many details about the deal have yet to emerge, it’s clear that the transaction will at least take Victoria’s Secret out of the spotlight.