The largest lingerie retailer in the US went through a challenging period last year, canceling its renowned fashion show for the first time in 25 years, as its parent company L Brands announced changes in marketing strategy.
L Brands is selling a 55% interest in Victoria’s Secret to Sycamore Partners for $525 million, as Les Wexner is stepping down as chairman and CEO of the corporation, Bloomberg reported on Thursday. The parent company will be keeping the remaining 45% of the brand.
“I think about the endless possibilities ahead for this company. And I’ve thought about where I fit in the picture”, Wexner said in a memo, according to Bloomberg News. “In keeping with this same thoughtful examination, I have decided that now is the right time to pass the reins to new leadership”.
