Mubasher: US-based fashion retailer L Brands is close to seal a deal to sell its Victoria’s Secret brand to private equity company Sycamore Partners, CNBC reported late Sunday, citing people familiar with the matter.
The deal is expected to be announced this week, according to the international news agency.
It was unclear what L Brands CEO Les Wexner’s role would have in the deal. Wexner has been under rising criticism over his close ties to sex criminal Jeffrey Epstein.
In November 2019, CNBC reported that L Brands, which also owns Bath & Body Works, was considering a spin-off of Victoria’s Secret or a private investment in public equity in a bid to keep Wexner in place.
For the full-year 2019, Victoria’s Secret generated about $7.4 billion in sales, according to Factset.
In 2011, Sycamore acquired a 51% stake in Mast Global Fashions, the third-party apparel sourcing division of Limited Brands, L Brands’ predecessor.