Business > Private Equity

Billionaire Les Wexner gives up control of Victoria's Secret after failing to fix the struggling brand

1 month ago   |   By Fortune

L Brands is selling a controlling stake in Victoria's Secret after 82-year-old billionaire CEO, founder, and biggest investor Les Wexner proved unable to repair the once iconic lingerie brand.
The company, a leading mall-based store operator, said on Thursday it was selling a 55% stake in Victoria's Secret for $525 million to retail-focused private equity firm Sycamore Partners.
L Brands also said that Wexner, the longest service CEO of any S&P 500 company with 57 years at the helm, would step down as chairman and CEO, taking the title of chairman emeritus. Andrew Meslow, a top executive...
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Victoria's Secret rival cheers the sale of the iconic lingerie brand as a 'positive'

Victoria's Secret rival cheers the sale of the iconic lingerie brand as a 'positive'

1 month ago   |   By Business Insider

Victoria's Secret's parent company announced Thursday that it is selling a majority stake in the brand and taking the company private.
Almost immediately after, the co-CEO of one of its biggest rivals, ThirdLove, chimed in on the news, dubbing it a "positive step" for the industry.
ThirdLove has been vocal about Victoria's Secret's business in the past. In November, the company took out a full-page ad in The New York Times slamming controversial comments made about diversity and inclusivity by L Brands' CMO.
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Victoria's Secret's parent...
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Bath & Body Works is now a standalone company - we visited a store and saw why it's been L Brands' secret weapon

Bath & Body Works is now a standalone company - we visited a store and saw why it's been L Brands' secret weapon

1 month ago   |   By Business Insider

Bath & Body Works is now a standalone brand after parent company L Brands announced on Thursday it had sold a majority stake in Victoria's Secret to the private-equity firm Sycamore Partners.
As part of the move, L Brands CEO Les Wexner is stepping down from the company. Andrew Meslow, current COO of Bath & Body Works, will take over at the helm after the transaction closes.
Bath & Body Works has long been a bright spot for the struggling L Brands. The personal-goods retailer has found success by playing to the power of nostalgia while staying relevant with updated stores and new product...
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PE firm to take Victoria's Secret private as Leslie Wexner steps down

PE firm to take Victoria's Secret private as Leslie Wexner steps down

1 month ago   |   By The Real Deal New York

Leslie Wexner has agreed to sell his controlling stake in Victoria's Secret to a private equity firm and to relinquish his roles chairman and CEO of L Brands, the chain's parent company. According to the Wall Street Journal, which first reported the deal, Sycamore Partners will purchase 55 percent of the company and take it private. The deal values the struggling business at $1.1 billion, a striking fall from its peak valuation of $29 billion
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L Brands plummets as Victoria's Secret is taken private at $1.1 billion valuation

L Brands plummets as Victoria's Secret is taken private at $1.1 billion valuation

1 month ago   |   By Business Insider

L Brands shares plummeted in early trading after the company announced it would relinquish control of Victoria's Secret.
Private equity firm Sycamore Partners will take a 55% stake in Victoria's Secret, in a deal that values the company at $1.1 billion.
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L Brands shares tumbled as the company ceded control of Victoria's Secret, one of its main brands, to a private equity firm Thursday.
L Brands stock dropped as much as 15.85% in early trading Thursday, after the company announced that Sycamore Partners would take a majority, 55% stake in...
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L Brands sells majority stake in Victoria's Secret, CEO Wexner to step down

1 month ago   |   By Reuters

L Brands Inc said on Thursday it will sell a controlling stake in its Victoria's Secret unit to investment firm Sycamore Partners, valuing the lingerie brand at $1.1 billion, as it focuses on its core Bath & Body Works brand.
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Victoria's Secret Goes Private⁠-And Wexner Steps Down⁠-As L Brands Looks To Revitalize Itself

1 month ago   |   By Forbes

Wexner, once called the “Merlin of the mall,” ends his tenure amid a prolonged period of declining sales and share prices at L Brands.
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L Brands CEO steps down as company sells majority share in Victoria's Secret

L Brands CEO steps down as company sells majority share in Victoria's Secret

1 month ago   |   By Business Insider

Les Wexner is stepping down as CEO and chairman of L Brands after more than five decades at the helm of the company.
The company is selling a 55% stake in Victoria's Secret to Sycamore Partners. L Brands will retain a 45% stake in the brand.
L Brands owned Bath & Body Works will become a standalone company.
Visit Business Insider's homepage for more stories .
Les Wexner is stepping down as chairman and CEO of L Brands, the company confirmed Thursday.
In a statement to the press, L Brands said that it is selling a 55% stake in Victoria's Secret to Sycamore Partners; L Brands will retain a...
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