Victoria’s Secret Acquired, Leslie Wexner to Step Down


Les Wexner (left) with Ed Razek in 2016.

Les Wexner (left) with Ed Razek in 2016.

Victoria’s Secret officially has a new owner: Sycamore Partners, a private equity firm, acquired the lingerie giant from L Brands in a deal that makes it a privately held company. Meanwhile, Bath & Body Works will exist as a standalone public company, and Leslie Wexner, L Brands founder and longtime Victoria’s Secret executive, is stepping down.

L Brands announced the news on Thursday along with a few details about the transaction: The new, privately held Victoria’s Secret has a “total enterprise value” of $1.1 billion; Sycamore acquired 55% of the business for approximately $525 million. (This took into account “certain liabilities” and effectively values the company at about $955 million.) L Brands, which will use that money to reduce debt, will retail the remaining 45% stake in the lingerie company “to enable its shareholders to meaningfully participate in the upside potential of these businesses,” per the press release. The deal encompasses the Victoria’s Secret Lingerie, Victoria’s Secret Beauty and Pink brands.





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