Revealed: Victoria’s Secret leaves home in a tracksuit and tekkies
New owner will need to revamp profitless company with a new focus on athletic apparel
20 February 2020 - 19:11
Victoria’s Secret has finally found its angel. Parent L Brands Inc said on Thursday it would sell a controlling stake in Victoria’s Secret to private equity firm Sycamore Partners in a deal that values the lingerie brand at an enterprise value of $1.1 bn.
It’s the end of an era in more ways than one. L Brands is giving up control of its prized asset, once famous for its opulent catwalk shows. Leslie Wexner will also step down as chair and CEO of the group. He is the longest-serving CEO in the S&P 500 index but had drawn attention for his association with the late financier Jeffrey Epstein...
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