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Sycamore Partners buys 55% stake in Victoria’s Secret

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Sycamore Partners recently acquired a 55 per cent stake in Victoria’s Secret for nearly $525 million while the latter’s parent firm L Brands retains the rest. L Brands will position Bath & Body Works as a profitable, standalone public firm and separate Victoria’s Secret into a private entity focused on returning its businesses to earlier levels of profitability.

L Brands owns Victoria’s Secret, PINK and Bath & Body Works and operates 2,920 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China. Victoria’s Secret’s business include Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK. Sycamore Partners is a New York-based private equity firm specialising in consumer and retail investments.

The transaction was approved by a unanimous vote of the L Brands board of directors. Under the terms of the transaction, Victoria’s Secret, with a total enterprise value of $1.1 billion, will be separated from L Brands into a privately-held company majority-owned by Sycamore, according to a press release from L Brands.

The company intends to use the proceeds from the transaction, along with approximately $500 million in excess balance sheet cash, to reduce debt.

Upon the closing of the transaction, Leslie Wexner, chairman and chief executive officer (CEO) of L Brands, will step down. He will remain a member of the board as chairman emeritus. Nick Coe, CEO of Bath & Body Works, has been named vice chairman of Bath & Body Works Brand Strategy and New Ventures. Andrew Meslow, chief operations officer of Bath & Body Works, has been promoted to CEO position. At the close of the transaction, Meslow will become CEO of L Brands and will join its board.

Meslow, who joined L Brands in 2003, has 29 years of experience in the retail industry, the last 15 at Bath & Body Works.

Fibre2Fashion News Desk (DS)





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Deal KMB Women's Sneakers; 2020 new style; Walking shoes in beige with leather lace-up;Non-slip wa

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Thank you all sm for 120k I can’t believe this! This account has been such a ble…

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Thank you all sm for 120k I can’t believe this! This account has been such a blessing to my life I’ve met some of the best people here and I’ve been able to express my love and appreciation to Kylie.Thank you to all my supporters ilysm🥺🤎



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Are MAFS Michael and Stacey together? Here’s what we know.

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1. Michael has shared exactly what happened between him and Stacey after last night’s dinner party and yikes.

It didn’t take long for last night’s Married At First Sight dinner party to turn into the dramatic trash fire we secretly love. Especially after Natasha called out Stacey for cheating on her (fake) husband Michael with fellow contestant Mikey.

And now Michael has shared exactly what happened between him and Stacey after her ~alleged~ cheating scandal came to light.

Appearing on Nova 100’s Chrissie, Sam & Browny earlier today, Michael shared that things ended quickly between the pair at the hotel after the dinner party.

“I said we all make mistakes, what I can live with is, I can live with the truth but I can’t live with a lie. She continued to tell me that it never happened, I go there is too much doubt for me to continue in this catastrophe so let’s just have a hug and I’ll see you later,” Michael said.

“She goes ‘I don’t need to hug you’. I was like wow okay, you can be bitter we don’t need to be anything, whatever. At the end of the day, I should be one sort of stamping my feet and saying, ‘I’m the victim, I’m the victim.’”

Michael was also asked about his rumoured relationship with fellow MAFS bride KC. But he did a pretty good job at dodging the question.

“Everything will sort of come out there. I never cheated, know that, no one cheated in my corner of the ring,” he said.

He then diverted the conversation back to the cheating scandal, saying Mikey passed a lie detector test in flying colours.

Hopefully, we find out more about what really went down when Married At First Sight returns on Sunday at 7pm on Channel Nine.





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