L Brands will sell the majority stake of lingerie brand Victoria’s Secret to a private equity firm for $1.1 billion.
The deal gives Sycamore Partners a majority 55% interest in Victoria’s Secret lingerie, Victoria’s Secret Beauty and Pink brands, the company said in a statement Thursday.
“We believe the separation of Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK into a privately held company provides the best path to restoring these businesses to their historic levels of profitability and growth,” said Leslie Wexner, chairman and CEO of L Brands, in a statement.”
L Brands will control a 45% minority stake in Victoria’s Secret, with Bath & Body Works remaining a standalone public company.
When the transaction closes, Wexner will step down as chairman and CEO to assume the title chairman emeritus.
This story is developing.
Follow Brett Molina on Twitter: @brettmolina23.