Victoria’s Secret Goes Private⁠—And Wexner Steps Down⁠—As L Brands Looks To Revitalize Itself

that Victoria’s Secret will go private amid tumbling share prices and ongoing scrutiny of Wexner’s past ties to disgraced financier Jeffrey Epstein.

Sycamore Partners bought a 55% stake in Victoria’s Secret for $525 million from Wexner, ⁠and will take the lingerie company privateL Brands will keep a 45% stake in the separate company, and will continue to operate just one brand: Bath & Body Works, which will remain public. Wexner is expected to relinquish his CEO and chairman titles and will have a board seat for both companies, while maintaining his 17% stake in L Brands.that L Brands was exploring a sale and for Wexner to step down, which rallied share prices; as of Thursday, shares declined 12% in premarket trading.

Also contributing to L Brands troubles were Wexner’s past ties to disgraced financier Jeffrey Epstein, a relationship WexnerAfter the deal closes, Bath & Body Works COO Andrew Meslow will become L Brands’ new chief executive. "We believe the separation of [Victoria’s Secret] into a privately held company provides the best path to restoring these businesses to their historic levels of profitability and growth,” said Wexner in an L Brands press release. 27%.

. And, as of Thursday, comparable sales at Victoria’s Secret declined 10% in Q4, while Bath & Body’s rose 10% during the same period of time. Wexner, 82, acquired Victoria’s Secret in 1982. L Brands once counted The Limited and Abercrombie & Fitch among its holdings, and at its height was valued at $29 billion. He has the distinction of being the longest serving CEO of an S&P 500 company.

Any women in that group of buyers? Smh!!

From one man to a group of them. 🙄

I’m not sure this brand can be saved. I buy cosabella now.

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