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L Brands is set to sell a 55-percent stake in Victoria’s Secret.
February 20, 2020
L Brands has announced that it will sell a 55 percent stake in Victoria’s Secret, including the Pink brand and Victoria’s Secret Beauty, to Sycamore Partners for $525 million. L Brands will retain a minority stake of 45 percent.
The news confirms the Wall Street Journal reports of a plan to make Victoria’s Secret private. Rumors swirled that L Brands was in talks with Sycamore for the deal. According to the report, Leslie Wexner will step down from his role as chief executive officer and chairman when the deal closes. He will stay on as chairman emeritus. He currently owns 17 percent of L Brands shares and is expected to remain on the L Brands board and retain stakes in L Brands companies.
Andrew Meslow, currently chief operating officer of Bath & Body Works, has been promoted to chief executive under the new deal. Nick Coe has been named vice chairman of the company. L Brands has also extended its agreement with Barington Capital Group. It will continue to serve as special advisor to the company.
Victoria’s Secret has an enterprise value of $1.1 billion under the terms of the transaction. Through this deal, L Brands operations would be reduced to only running the Bath & Body Works chain. Bath & Body Works will become a standalone company.
Read more about:Victoria's Secret
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