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Private equity firm to buy majority stake in Victoria’s Secret

United Press International by United Press International
February 20, 2020
in Business & Lifestyle, Business News, Financial News, National
Reading Time: 2 mins read
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NEW YORK (UPI) — Private equity firm Sycamore Partners agreed to buy a majority stake in the underperforming Victoria’s Secret and spin it off into a privately held, standalone entity, the companies announced Thursday.

The lingerie chain’s owner, Columbus, Ohio-based L Brands, said Sycamore Partners will purchase a 55 percent stake in Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK to create a separate company “focused on reinvigorating its market-leading businesses and returning them to historic levels of profitability and growth.”

Under the deal, Sycamore agreed to pay $525 million for its majority share in the new Victoria’s Secret entity. L Brands, meanwhile, will retain a 45 percent share in the firm, which it valued at $1.1 billion.

L Brands also announced that chairman and CEO Leslie Wexner will step down from his corporate roles, although he will remain a board member.

Wexner faced criticism after L Brands’ share price underperformed the industry in 2019. Victoria’s Secret revenues decreased nearly 8 percent year-over-year in the third quarter of fiscal 2019, with lower traffic in both stores and e-commerce.

Wexner had also been embarrassed by his close links to financier Jeffrey Epstein, who faced federal charges of sex trafficking involving underage girls when he killed himself in August.

L Brands said it would use the proceeds from the transaction for debt reduction and concentrate on its main business — the Bath & Body Works, the largest bath shop retail chain in the United States.

“We believe the separation of Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK into a privately held company provides the best path to restoring these businesses to their historic levels of profitability and growth,” Wexner said. “We believe that, as a private company, Victoria’s Secret will be better able to focus on longer-term results.”

“With unmatched global brand awareness and customer loyalty, we believe there is a significant opportunity to reinvigorate growth and improve the profitability of Victoria’s Secret,” added Sycamore Partners managing director Stefan Kaluzny.

Reporting by Don Jacobson

United Press International
+ posts

United Press International is an international news agency whose newswires, photo, news film, and audio services provided news material to thousands of newspapers, magazines and radio and television stations for most of the 20th century.

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