news 1 month ago

Victoria's Secret Sold to Private Equity Firm

Wibbitz
Victoria's Secret Sold to Private Equity Firm The lingerie brand is being sold by its owner, L Brands, to Sycamore Partners in a $525 million deal. Sycamore Partners will own a 55 percent stake in the company, with L Brands maintaining 45 percent. Victoria’s Secret will be spun off as a fully private company. L Brands CEO and chairman Leslie Wexner will vacate his roles as part of the deal, staying on as chairman emeritus. The sale comes after an onslaught of bad press for the lingerie brand. Wexner has been criticized for his close relationship to disgraced financier Jeffrey Epstein and the brand for its lack of inclusivity and mistreatment of models.