Victoria’s Secret, which once dominated the lingerie category with its sexy image, will go private in a deal that shows how far the brand as fallen out of favor.
Private equity firm Sycamore Partners will acquire a 55% share in Victoria’s Secret from its owner L Brands for $525 million, the companies announced Thursday. Upon the close of the deal, L Brand founder, 82-year-old Les Wexner, will step down as its chairman and CEO. Wexner, the longest-serving CEO of an S&P 500 company, will remain on the board as chairman emeritus.
