Victoria's Secret Sold: Struggling Brand That Once Defined 'Sexy' Gets New Owner
Victoria's Secret, Which Once Defined Sexy With Its Leggy Supermodels In Their Lacy Bras And Oversized Angel Wings, Has Been Struggling In Recent Times Victoria's Secret, which once defined sexy with its leggy supermodels in their lacy bras and oversized angel wings, has a new owner. Now, the big question is whether the once sought after but now struggling brand can be reinvented for a new generation of women demanding more comfortable styles. The company's owner, L Brands, said Thursday that the private-equity firm Sycamore Partners will buy 55% of Victoria's Secret for about USD 525 million. The Columbus, Ohio, company will keep the remaining 45 per cent stake. After the sale, L Brands will be left with its Bath & Body Works chain and Victoria's Secret will become a private company. Les Wexner (82) who founded the parent company in 1963, will step down as chairman and CEO after the transaction is completed and become chairman emeritus. Wexner has been grappli