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L Brands Inc. is selling a controlling stake in Victoria’s Secret to Sycamore Partners, giving the ailing lingerie chain a chance to rehabilitate its image and sales outside the glare of public markets.
Sales are in decline because competition is increasing and tastes are changing.
Victoria's Secret Sells for $1.1B
The 82-year-old CEO of Ohio-based conglomerate L Brands is considering leaving the chief executive's role and selling the company.
Victoria's Secret boss Leslie Wexner may step down, sell company
Victoria's Secret Targets Higher Valuation in New Sale Talks - Bloomberg
The lingerie chain is revamping its televised fashion show in an effort to dig out of a deep sales hole.
Victoria's Secret Can't Let Go of Its Angel Wings - BNN Bloomberg
Victoria’s Secret earnings on Wednesday revealed another quarter of declining sales as the brand continued to lose its grip on shoppers.
The Victoria's Secret slump continues
Victoria's Secret Targets Higher Valuation
The news follows several years of controversy and declining sales.
Victoria's Secret To Be Sold, CEO Will Step Down - NowThis
The American lingerie brand was famed for its sultry catwalks which featured the likes of Cara Delevingne and Miranda Kerr as its. The American lingerie brand was famed for its sultry catwalks which featured the likes of Cara Delevingne and Miranda Kerr as its 'Angels'.
Go woke, go broke! Victoria's Secret ditched its catwalk shows amid falling sales and a series of scandals - but it's now forced to bring sexy back after women decided they don't
Victoria's Secret now majority owned by Sycamore Brands as L Brands sells controlling stake. Sycamore Brands will buy 55% of Victoria's Secret for about $525m (£407 million). L Brands will keep the remaining 45% stake. L Brands under scrutiny because its CEO Les Wexner has ties to the late financier Jeffrey Epstein.
L Brands sells control in Victoria's Secret to Sycamore Brands for $525m
LESLIE WEXNER is featured in the controversial new Netflix docuseries Jeffrey Epstein: Filthy Rich - but where is the businessman now?
Leslie Wexner: Where is Jeffrey Epstein's business partner Leslie Wexner now?, TV & Radio, Showbiz & TV
By Calvin Hung (University Of Edinburgh) Overview of Deal Acquirer: Sycamore Partners Management Target: Victoria’s Secret Stores, a subsidiary of L Brands, Inc. (NYSE:LB) Estimated Value: $1.1 billion (Transaction of $525 million for 55% stake) Announcement date: 20/02/2020, transaction cancelled 04/05/2020 Acquirer Advisors: N/A Target Advisors: PJT Partners, Bridgepark Advisors On the 20th of February, Sycamore Partners announced an agreement had been reached with L Brands for the purchase of
Cancelled deal between Victoria's Secret and Sycamore Partners
Victoria's Secret Parent Company Loses $296 Million – WWD
Les Wexner gives up control of embattled Victoria's Secret
Les Wexner turned Victoria's Secret into a retail giant; can new owner Sycamore Partners save the brand? - Columbus Business First