×
71 766
Fashion Jobs
MACY'S
Asset Protection Detective, Menlo Park - Full Time
Permanent · Edison
MACY'S
Manager, Merchandise Execution
Permanent · East Wenatchee
JCPENNEY CAREERS 2018
Product Manager - Customer Service Application & Associate Fulfillment Tools
Permanent · Plano
ROSS STORES
IT Manager i (Supply Chain)
Permanent · Shafter
ROSS STORES
IT Manager i (Supply Chain)
Permanent · Brookshire
ROSS STORES
Purchasing Supervisor
Permanent · Dublin
ROSS STORES
Store Protection Specialist
Permanent · Holmes
ROSS STORES
Store Protection Specialist
Permanent · Medford
ROSS STORES
District Manager
Permanent · Bakersfield
ULTA BEAUTY, INC.
Retail Operations Manager
Permanent · San Leandro
UNIQLO
Human Resources Coordinator - Emeryville, ca
Permanent · Emeryville
UNIQLO
Loss Prevention Supervisor- Westfield Valley Fair Mall
Permanent · Santa Clara
UNIQLO
Loss Prevention Agent (Full-Time) - Santa Monica Place
Permanent · Santa Monica
UNIQLO
Soho- Loss Prevention Agent
Permanent · New York
UNIQLO
Loss Prevention Agent (Full-Time) - Willowbrook Mall
Permanent · Wayne
UNIQLO
Visual Merchandising Manager- Great Mall, Milpitas ca
Permanent · Milpitas
UNIQLO
Loss Prevention Agent (Full-Time) - The Bloc
Permanent · Los Angeles
UNIQLO
Loss Prevention Manager
Permanent · New York
UNIQLO
Loss Prevention Agent (Full-Time) - Atlantic Terminal
Permanent · New York
UNIQLO
Loss Prevention Supervisor
Permanent · New York
UNIQLO
Loss Prevention Supervisor- Bay Street
Permanent · Emeryville
UNIQLO
Uniqlo Loss Prevention Agent- Chestnut Street
Permanent · Philadelphia
By
Reuters
Published
Feb 20, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

L Brands sells majority stake in Victoria's Secret, CEO Wexner to step down

By
Reuters
Published
Feb 20, 2020

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 (852.25 million pounds), as it focuses on its core Bath & Body Works brand.


Photo: Victoria's Secret - DR


The private equity firm will own 55% of Victoria's Secret, the world's best known specialty retailer for lingerie, while L Brands will keep a 45% stake. The Columbus, Ohio-based company's Bath & Body Works, which sells soaps and home fragrances, would be run as a standalone company.

Chief Executive Leslie Wexner, who bought Victoria's Secret in 1982 and shaped its image by hiring supermodels to wear jewel encrusted bras and wings at its annual fashion shows, will step down and hand over to Bath & Body Works executive Andrew Meslow.

Wexner, 82, will become chairman emeritus and Meslow, now chief operating officer at Bath & Body Works, will join the board. Three other directors, including the lead independent director, will be replaced.

The company's shares were down 3.5 in early trading at $23.45 after having climbed in the last weeks amid speculation that Sycamore would buy the ailing retailer.

The moves come after activist investor Barington Capital last year bought a small stake and urged the company to split fast growing Bath & Body Works from Victoria's Secret, push Wexner to give up his CEO position and refresh the board, where the majority of directors were men. Barington serves as an adviser to the company.

L Brands, which has a market valuation of about $7 billion, has seen sales dwindle at its Victoria's Secret business as it faces increased competition from online retailers. It has been criticized for an outdated brand image and for lingerie that was not inclusive of all body types.

The brand accounted for nearly half of the company's $13.24 billion revenue in 2019, but has seen sales decline for at least four quarters. Bath & Body Works' revenue has risen.

"We believe this structure will allow Bath & Body Works to continue to achieve strong growth and receive its appropriate market valuation," said Wexner, who owns a 13.24% stake in L Brands and has been leading the company since 1963, making him the longest-serving CEO of a S&P 500 company.

The company last year canceled its fashion show and Edward Razek, its chief marketing officer, who was closely associated with the shows, left.

 

© Thomson Reuters 2022 All rights reserved.