Parent company L Brands revealed Monday that it had filed regulatory documents to begin the process of separating Victoria’s Secret from the Bath & Body Works brand.
The Form 10 documents filed on Monday are used to register a class of securities that will be traded on the U.S. stock market. Companies with more than $10 million in total assets and 750 or more shareholders are required to file with the U.S. Securities and Exchange Commission. But the retailer has been hard at work over the last 18 months to revive the lingerie brand, which has been losing revenues and market share for at least three years prior to the pandemic.
“A fundamental equity in the brand is about the idea of sexy,” Martha Pease, Victoria’s Secret’s chief marketing officer, told WWD earlier this month. “And this idea of sexy is not something women want us to walk away from. What they want us to walk away from is defining sexy for women. And what they want us to embrace is that women define sexy for themselves.
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