Victoria’s Secret CEO Les Wexner is Stepping Down After 60 Years
L Brands is the conglomerate behind Victoria's Secret, Bath & Body Works and Pink. The company is separating into two entities, Bath & Body Works will become a standalone public company, and Victoria’s Secret, Pink, and Victoria's Secret Beauty will form a single brand, and will be taken private.
Private equity firm Sycamore Partners will acquire a 55 percent stake in Victoria’s Secret for about $525 million.
Wexner said in a press release today that separating Victoria's Secret into a privately held company "provides the best path to restoring these businesses to their historic levels of profitability and growth."
Sales at Victoria's Secret's stores that were open at least a year ago fell 10 percent in the fourth quarter, L Brands said in the statement.