A controlling stake in the lingerie firm Victoria’s Secret will be sold to a US private equity firm.
On Thursday, the fashion retailer L Brands announced it will sell 55% of the company to Sycamore Partners for $525m (£408m).
Boss and executive chairman of Victoria’s Secret, Leslie Wexner, will step down as part of the deal.
He said that separating Victoria’s Secret into a private company would “restore” the business’s growth.
The lingerie company accounted for nearly half of the company’s $13.2bn revenue in 2019. But it has seen sales decline over the last year.
L Brands valued the firm at $1.1bn and will retain a 45% stake. After selling several businesses, L Brands said it will concentrate on the beauty chain it owns, Bath & Body Works.
Mr Wexner has been appointed chairman emeritus and will remain a member of the board.
